Primecap Management Co. CA Has $141.81 Million Stake in Spotify Technology (NYSE:SPOT)

Key Points

• Primecap Management Co. CA increased its stake in Spotify Technology by 17.3%, owning approximately $141.81 million in shares.
• Institutional investors now control 84.09% of Spotify's stock, with notable increases from firms like Goldman Sachs and Jennison Associates.
• Despite a significant revenue increase, Spotify reported a loss of ($0.42) EPS in its last quarter, falling short of consensus estimates by $2.42.

Primecap Management Co. CA grew its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 17.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 257,815 shares of the company's stock after buying an additional 38,015 shares during the period. Primecap Management Co. CA owned approximately 0.13% of Spotify Technology worth $141,806,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Goldman Sachs Group Inc. increased its position in Spotify Technology by 1,151.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock worth $957,494,000 after acquiring an additional 1,601,653 shares during the period. Jennison Associates LLC increased its holdings in shares of Spotify Technology by 42.3% during the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock worth $2,336,494,000 after purchasing an additional 1,262,614 shares during the period. Janus Henderson Group PLC increased its holdings in shares of Spotify Technology by 325.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock worth $503,316,000 after purchasing an additional 861,232 shares during the period. Northern Trust Corp raised its position in shares of 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 buying an additional 726,245 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Spotify Technology by 75,856.5% in the first quarter. GAMMA Investing LLC now owns 717,789 shares of the company's stock valued at $394,805,000 after buying an additional 716,844 shares during the period. Institutional investors and hedge funds own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on SPOT shares. KeyCorp lowered their price objective on Spotify Technology from $860.00 to $830.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Loop Capital raised their price target on Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research report on Friday, May 2nd. Phillip Securities raised shares of Spotify Technology from a "moderate sell" rating to a "hold" rating in a research report on Monday. Cantor Fitzgerald increased their price objective 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, The Goldman Sachs Group boosted their target price on shares of Spotify Technology from $680.00 to $775.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Ten equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Stock Performance

SPOT stock opened at $666.91 on Thursday. The company has a market capitalization of $136.52 billion, a P/E ratio of 161.87, a PEG ratio of 2.80 and a beta of 1.69. The company has a fifty day moving average price of $700.75 and a 200-day moving average price of $627.08. Spotify Technology has a 52-week low of $319.07 and a 52-week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate 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 the consensus estimate of $4.29 billion. During the same period in the prior year, the business earned $1.33 earnings per share. The firm's revenue for the quarter was up 10.1% on a year-over-year basis. As a group, sell-side analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

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.

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