Spotify Technology (NYSE:SPOT) Holdings Lifted by Mediolanum International Funds Ltd

Key Points

• Mediolanum International Funds Ltd increased its stake in Spotify Technology by 4%, owning 47,251 shares valued at approximately $26.5 million.
• Equities analysts have a consensus rating of "Moderate Buy" for Spotify, with a target price averaging $727.52, a significant upgrade from previous estimates.
• Spotify reported earnings of $1.13 per share for the latest quarter, missing estimates but achieving revenues of $4.41 billion, representing a 15.2% year-over-year increase.

Mediolanum International Funds Ltd increased its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 4.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,251 shares of the company's stock after purchasing an additional 1,799 shares during the period. Mediolanum International Funds Ltd's holdings in Spotify Technology were worth $26,515,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Cornerstone Planning Group LLC grew its stake in Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after acquiring an additional 41 shares during the period. Tsfg LLC purchased a new stake in Spotify Technology in the 1st quarter worth approximately $28,000. North Star Investment Management Corp. grew its stake in shares of Spotify Technology by 52.8% during the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after buying an additional 19 shares during the period. Mpwm Advisory Solutions LLC purchased a new stake in shares of Spotify Technology during the 4th quarter valued at $26,000. Finally, Copia Wealth Management purchased a new stake in shares of Spotify Technology during the 4th quarter valued at $29,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Shares of NYSE:SPOT traded up $21.88 during trading on Wednesday, reaching $641.89. 3,278,148 shares of the company's stock traded hands, compared to its average volume of 2,313,239. Spotify Technology has a 12 month low of $300.57 and a 12 month high of $785.00. The company has a 50 day moving average of $701.34 and a 200-day moving average of $621.08. The stock has a market capitalization of $131.40 billion, a P/E ratio of 106.46, a price-to-earnings-growth ratio of 1.89 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share 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 the consensus estimate of $4.22 billion. During the same period in the prior year, the company earned $0.97 EPS. Spotify Technology's quarterly revenue was up 15.2% on a year-over-year basis. Equities research analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several research reports. Barclays lowered their price objective on shares of Spotify Technology from $800.00 to $750.00 and set an "overweight" rating for the company in a research note on Wednesday. KeyCorp lowered their price objective on shares of Spotify Technology from $860.00 to $830.00 and set an "overweight" rating for the company in a research note on Wednesday. Wells Fargo & Company boosted their price objective on shares of Spotify Technology from $740.00 to $750.00 and gave the company an "overweight" rating in a research note on Tuesday. Morgan Stanley lowered their price objective on shares of Spotify Technology from $850.00 to $800.00 and set an "overweight" rating for the company in a research note on Wednesday. Finally, Rosenblatt Securities decreased their price target on shares of Spotify Technology from $703.00 to $679.00 and set a "neutral" rating for the company in a research report on Wednesday. Nine equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $718.90.

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.