NorthRock Partners LLC Acquires New Position in Spotify Technology (NYSE:SPOT)

Key Points

• NorthRock Partners LLC has acquired 546 shares of Spotify Technology, valued at approximately $300,000, marking a new investment in the music streaming company during the first quarter.
• Institutional investors collectively own 84.09% of Spotify, with several firms increasing their stakes significantly, indicating strong interest in the company.
• Equities analysts have varied price targets for Spotify, with an average target of $718.90, suggesting a generally positive outlook on the stock's performance.

NorthRock Partners LLC purchased a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 546 shares of the company's stock, valued at approximately $300,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Baader Bank Aktiengesellschaft boosted its holdings in Spotify Technology by 21.5% in the first quarter. Baader Bank Aktiengesellschaft now owns 5,085 shares of the company's stock valued at $2,797,000 after acquiring an additional 900 shares during the last quarter. SlateStone Wealth LLC bought a new stake in Spotify Technology in the first quarter valued at approximately $214,000. Mesirow Financial Investment Management Inc. boosted its holdings in Spotify Technology by 26.7% in the first quarter. Mesirow Financial Investment Management Inc. now owns 1,377 shares of the company's stock valued at $757,000 after acquiring an additional 290 shares during the last quarter. Bayforest Capital Ltd boosted its holdings in Spotify Technology by 163.2% in the first quarter. Bayforest Capital Ltd now owns 2,153 shares of the company's stock valued at $1,184,000 after acquiring an additional 1,335 shares during the last quarter. Finally, Vestcor Inc boosted its holdings in Spotify Technology by 126.0% in the first quarter. Vestcor Inc now owns 5,185 shares of the company's stock valued at $2,852,000 after acquiring an additional 2,891 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Rosenblatt Securities dropped their price target on Spotify Technology from $703.00 to $679.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 30th. Wolfe Research raised Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price on the stock in a research report on Monday, April 21st. Guggenheim upped their target price on Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. Pivotal Research upped their target price on Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Finally, Cantor Fitzgerald upped their target price on Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 18th. Nine equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Stock Up 5.3%

SPOT traded up $33.22 during trading on Monday, reaching $660.37. 3,763,396 shares of the company were exchanged, compared to its average volume of 2,514,255. The company's 50-day moving average is $700.71 and its two-hundred day moving average is $625.45. Spotify Technology has a 12-month low of $300.57 and a 12-month high of $785.00. The company has a market cap of $135.18 billion, a price-to-earnings ratio of 160.28, a P/E/G ratio of 2.71 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results 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 business had revenue of $4.94 billion during the quarter, compared to analysts' expectations of $4.29 billion. During the same period in the previous year, the business earned $1.33 EPS. The business's revenue was up 10.1% on a year-over-year basis. Equities analysts forecast that Spotify Technology will post 10.3 earnings per share for the current 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.