Spotify Technology (NYSE:SPOT) Shares Purchased by Prudential PLC

Key Points

• Prudential PLC significantly increased its stake in Spotify Technology by 211.8% during the first quarter, owning 18,406 shares valued at $10.12 million.
• Multiple institutional investors, including Bank of Nova Scotia and Townsquare Capital LLC, have also increased their holdings in Spotify Technology during the last quarter.
• Spotify's recent earnings report showed a loss of ($0.42) EPS, falling short of analyst expectations, but the company’s revenue increased by 10.1% year-over-year to $4.94 billion.

Prudential PLC lifted its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 211.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,406 shares of the company's stock after acquiring an additional 12,502 shares during the quarter. Prudential PLC's holdings in Spotify Technology were worth $10,124,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SPOT. Jennison Associates LLC grew its position 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 valued at $2,336,494,000 after purchasing 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 during the period. Goldman Sachs Group Inc. grew its position in shares of Spotify Technology by 1,151.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock valued at $957,494,000 after purchasing an additional 1,601,653 shares during the period. Forsta AP Fonden grew its position in shares of Spotify Technology by 12.6% in the first quarter. Forsta AP Fonden now owns 1,559,652 shares of the company's stock valued at $857,855,000 after purchasing an additional 174,700 shares during the period. Finally, Northern Trust Corp grew 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 purchasing an additional 726,245 shares during the period. Institutional investors and hedge funds own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

SPOT has been the topic of several research analyst reports. Wells Fargo & Company lifted their target price on shares of Spotify Technology from $740.00 to $750.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Guggenheim boosted their price target on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. Rosenblatt Securities lowered their price target on shares of Spotify Technology from $703.00 to $679.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 30th. JPMorgan Chase & Co. boosted their price target on shares of Spotify Technology from $730.00 to $780.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. Finally, Barclays lowered their price target on shares of Spotify Technology from $800.00 to $750.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. Ten equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, Spotify Technology presently has an average rating of "Moderate Buy" and a consensus price target of $718.90.

Spotify Technology Stock Performance

Spotify Technology stock traded up $33.24 during midday trading on Friday, hitting $731.74. 3,005,192 shares of the company's stock were exchanged, compared to its average volume of 2,328,602. Spotify Technology has a 12-month low of $319.07 and a 12-month high of $785.00. The stock has a market cap of $149.79 billion, a price-to-earnings ratio of 177.61, a price-to-earnings-growth ratio of 3.01 and a beta of 1.69. The firm's 50 day simple moving average is $702.88 and its 200 day simple moving average is $635.18.

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

About Spotify Technology

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.