Mackenzie Financial Corp Has $22.63 Million Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Mackenzie Financial Corp lifted its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 1,508.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 50,574 shares of the company's stock after purchasing an additional 47,429 shares during the quarter. Mackenzie Financial Corp's holdings in Spotify Technology were worth $22,626,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Avior Wealth Management LLC raised its stake in shares of Spotify Technology by 58.0% in the 4th quarter. Avior Wealth Management LLC now owns 444 shares of the company's stock valued at $199,000 after acquiring an additional 163 shares in the last quarter. Cornerstone Wealth Management LLC acquired a new position in Spotify Technology during the fourth quarter valued at approximately $233,000. RFG Advisory LLC raised its position in shares of Spotify Technology by 10.4% in the fourth quarter. RFG Advisory LLC now owns 1,993 shares of the company's stock valued at $891,000 after purchasing an additional 188 shares during the period. Fifth Third Bancorp raised its position in shares of Spotify Technology by 44.4% in the fourth quarter. Fifth Third Bancorp now owns 231 shares of the company's stock valued at $103,000 after purchasing an additional 71 shares during the period. Finally, Dynamic Advisor Solutions LLC lifted its stake in shares of Spotify Technology by 4.9% in the fourth quarter. Dynamic Advisor Solutions LLC now owns 2,650 shares of the company's stock worth $1,185,000 after buying an additional 124 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Analysts Set New Price Targets

SPOT has been the topic of a number of research analyst reports. Citigroup raised their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the company a "neutral" rating in a research note on Friday, February 14th. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target for the company in a report on Monday, April 21st. Redburn Atlantic started coverage on Spotify Technology in a research note on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price objective on the stock. Wells Fargo & Company boosted their price objective on Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a research report on Friday, March 28th. Finally, Loop Capital increased their target price on Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a research note on Friday, May 2nd. Eight equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $609.07.

Spotify Technology Price Performance

Shares of SPOT traded up $30.47 during mid-day trading on Friday, reaching $667.14. The company had a trading volume of 3,165,658 shares, compared to its average volume of 2,227,575. The company has a market capitalization of $136.57 billion, a P/E ratio of 112.12 and a beta of 1.72. Spotify Technology S.A. has a twelve month low of $288.07 and a twelve month high of $671.24. The company's 50-day moving average is $599.93 and its 200-day moving average is $550.95.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the prior year, the company earned $0.97 earnings per share. The business's revenue was up 15.2% compared to the same quarter last year. As a group, equities analysts expect that Spotify Technology S.A. will post 10.3 EPS for the current fiscal year.

Spotify Technology Company 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.