Keystone Investors PTE Ltd. Makes New $564,000 Investment in Spotify Technology (NYSE:SPOT)

Key Points

• Keystone Investors PTE Ltd. has invested approximately $564,000 in Spotify Technology, acquiring 1,025 shares during the first quarter, according to its latest SEC filing.
• Recently, multiple analysts have raised their price targets for Spotify, with Canaccord Genuity setting a new target of $850.00 and Guggenheim adjusting theirs to $840.00, both maintaining a "buy" rating on the stock.
• Spotify Technology reported a loss of ($0.42) EPS in the last quarter, falling short of the consensus estimate of $2.00, despite achieving a revenue increase of 10.1% year-over-year, amounting to $4.94 billion.

Keystone Investors PTE Ltd. purchased a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,025 shares of the company's stock, valued at approximately $564,000.

A number of other hedge funds also recently modified their holdings of SPOT. Bank of Nova Scotia raised its position in shares of Spotify Technology by 36.4% during the fourth quarter. Bank of Nova Scotia now owns 750 shares of the company's stock worth $336,000 after purchasing an additional 200 shares during the period. Martingale Asset Management L P raised its position in shares of Spotify Technology by 13.3% during the fourth quarter. Martingale Asset Management L P now owns 735 shares of the company's stock worth $329,000 after purchasing an additional 86 shares during the period. Bessemer Group Inc. raised its position in shares of Spotify Technology by 2,034.4% during the fourth quarter. Bessemer Group Inc. now owns 158,992 shares of the company's stock worth $71,129,000 after purchasing an additional 151,543 shares during the period. Bank of Hawaii raised its position in shares of Spotify Technology by 12.9% during the fourth quarter. Bank of Hawaii now owns 770 shares of the company's stock worth $344,000 after purchasing an additional 88 shares during the period. Finally, Treasurer of the State of North Carolina raised its position in Spotify Technology by 1.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 66,860 shares of the company's stock valued at $29,912,000 after buying an additional 1,040 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Price Performance

SPOT traded up $1.01 during trading on Tuesday, hitting $690.24. The stock had a trading volume of 793,099 shares, compared to its average volume of 2,334,100. The firm has a market cap of $141.30 billion, a price-to-earnings ratio of 167.61, a P/E/G ratio of 3.06 and a beta of 1.69. The company has a 50 day moving average price of $702.92 and a 200-day moving average price of $633.09. Spotify Technology has a one year low of $319.07 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The company had revenue of $4.94 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period in the prior year, the firm earned $1.33 earnings per share. Spotify Technology's revenue was up 10.1% on a year-over-year basis. As a group, sell-side analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on SPOT shares. Barclays dropped their target price on Spotify Technology from $800.00 to $750.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. Loop Capital lifted their target price on Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a research report on Friday, May 2nd. Guggenheim lifted their target price on Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. JPMorgan Chase & Co. lifted their target price on Spotify Technology from $730.00 to $780.00 and gave the company an "overweight" rating in a research report on Friday, July 11th. Finally, DZ Bank raised Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 target price on the stock in a research report on Wednesday, July 30th. Ten equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $718.90.

Spotify Technology Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.