Nicolet Advisory Services LLC Takes Position in Spotify Technology (NYSE:SPOT)

Key Points

• Nicolet Advisory Services LLC made a new investment in Spotify Technology, acquiring 502 shares valued at approximately $278,000.
• Institutional ownership of Spotify is high, with 84.09% of the stock held by hedge funds and other institutional investors.
• Recent analyst ratings indicate a mix of buy and hold ratings, with a consensus rating of "Moderate Buy" and an average price target of $718.90.

Nicolet Advisory Services LLC acquired a new position in Spotify Technology (NYSE:SPOT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 502 shares of the company's stock, valued at approximately $278,000.

Several other hedge funds have also modified their holdings of the company. Jennison Associates LLC increased its stake in shares of Spotify Technology by 42.3% in the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock worth $2,336,494,000 after acquiring an additional 1,262,614 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Spotify Technology by 3.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock valued at $1,939,949,000 after purchasing an additional 112,553 shares in the last quarter. FMR LLC boosted its position in shares of Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after acquiring an additional 473,569 shares during the last quarter. Northern Trust Corp lifted its holdings in Spotify Technology by 103.7% in the fourth quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock valued at $638,367,000 after acquiring an additional 726,245 shares during the last quarter. Finally, Janus Henderson Group PLC raised its holdings in Spotify Technology by 325.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock valued at $503,316,000 after buying an additional 861,232 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Shares of SPOT traded down $11.52 during trading hours on Tuesday, hitting $647.08. The stock had a trading volume of 2,131,231 shares, compared to its average volume of 2,624,679. Spotify Technology has a 12-month low of $319.07 and a 12-month high of $785.00. The firm has a market cap of $132.46 billion, a P/E ratio of 157.06, a P/E/G ratio of 2.85 and a beta of 1.69. The company's fifty day simple moving average is $700.81 and its 200 day simple moving average is $626.67.

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

Analyst Ratings Changes

Several research firms recently issued reports on SPOT. Cantor Fitzgerald increased their target price on Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. DZ Bank raised Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 target price for the company in a report on Wednesday, July 30th. Wolfe Research raised shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price for the company in a report on Monday, April 21st. UBS Group decreased their price target on Spotify Technology from $895.00 to $850.00 and set a "buy" rating on the stock in a research note on Wednesday, July 30th. Finally, Wells Fargo & Company lifted their price objective on Spotify Technology from $740.00 to $750.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Nine 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 presently has a consensus rating of "Moderate Buy" and an average target price 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.