Los Angeles Capital Management LLC boosted its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 69.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 75,121 shares of the company's stock after purchasing an additional 30,915 shares during the period. Los Angeles Capital Management LLC's holdings in Spotify Technology were worth $41,319,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SPOT. Parkworth Wealth Management Inc. raised its position in shares of Spotify Technology by 30,000.0% during the 1st quarter. Parkworth Wealth Management Inc. now owns 301 shares of the company's stock worth $166,000 after purchasing an additional 300 shares during the last quarter. Covenant Asset Management LLC grew its stake in shares of Spotify Technology by 1.6% in the 1st quarter. Covenant Asset Management LLC now owns 9,286 shares of the company's stock valued at $5,108,000 after buying an additional 144 shares during the period. AustralianSuper Pty Ltd purchased a new position in shares of Spotify Technology during the 1st quarter worth approximately $19,106,000. Kestra Private Wealth Services LLC boosted its position in shares of Spotify Technology by 290.8% during the 1st quarter. Kestra Private Wealth Services LLC now owns 5,518 shares of the company's stock worth $3,035,000 after purchasing an additional 4,106 shares during the period. Finally, Csenge Advisory Group boosted its position in shares of Spotify Technology by 6.4% during the 1st quarter. Csenge Advisory Group now owns 818 shares of the company's stock worth $470,000 after purchasing an additional 49 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on the stock. Guggenheim raised their price target on shares of Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. Evercore ISI lifted their price target on shares of Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a research note on Monday, June 16th. Phillip Securities upgraded shares of Spotify Technology to a "moderate sell" rating in a research note on Monday, May 5th. Cantor Fitzgerald lifted their price target on shares of Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. Finally, DZ Bank lowered shares of Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a research note on Friday, June 13th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $701.31.
Get Our Latest Report on Spotify Technology
Spotify Technology Trading Down 3.6%
NYSE SPOT traded down $26.01 on Friday, hitting $694.90. 2,148,692 shares of the company were exchanged, compared to its average volume of 2,222,286. The firm has a 50 day moving average of $696.06 and a two-hundred day moving average of $610.84. The company has a market cap of $142.25 billion, a P/E ratio of 115.24, a P/E/G ratio of 1.85 and a beta of 1.68. Spotify Technology has a 1-year low of $290.13 and a 1-year high of $785.00.
Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. The business's revenue for the quarter was up 15.2% on a year-over-year basis. Research analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.
About Spotify Technology
(
Free Report)
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.
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