Resonant Capital Advisors LLC Purchases Shares of 471 Spotify Technology (NYSE:SPOT)

Resonant Capital Advisors LLC bought a new stake in Spotify Technology (NYSE:SPOT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 471 shares of the company's stock, valued at approximately $259,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GQG Partners LLC purchased a new stake in shares of Spotify Technology in the fourth quarter worth about $800,725,000. Geode Capital Management LLC boosted its position in shares of Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after buying an additional 1,259,183 shares during the period. Norges Bank purchased a new stake in shares of Spotify Technology in the fourth quarter worth about $396,028,000. Janus Henderson Group PLC boosted its holdings in Spotify Technology by 325.9% in the fourth quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock valued at $503,316,000 after purchasing an additional 861,232 shares during the last quarter. Finally, Northern Trust Corp grew its stake in Spotify Technology by 103.7% during the 4th 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 in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Stock Performance

Shares of Spotify Technology stock traded up $14.48 on Friday, reaching $723.98. 1,078,903 shares of the company were exchanged, compared to its average volume of 2,228,612. The company's 50-day moving average is $678.50 and its two-hundred day moving average is $592.85. The firm has a market cap of $148.20 billion, a price-to-earnings ratio of 120.06, a P/E/G ratio of 1.91 and a beta of 1.68. Spotify Technology has a 1-year low of $288.07 and a 1-year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the prior year, the business earned $0.97 earnings per share. The firm's revenue was up 15.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Analysts Set New Price Targets

SPOT has been the subject of a number of recent analyst reports. Rosenblatt Securities lowered their price objective on Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a research note on Wednesday, April 30th. Robert W. Baird upped their price target on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Guggenheim upped their price target on shares of Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. Bank of America upped their price target on shares of Spotify Technology from $700.00 to $900.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Finally, The Goldman Sachs Group upped their price target on shares of Spotify Technology from $680.00 to $775.00 and gave the company a "buy" rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Spotify Technology currently has an average rating of "Moderate Buy" and an average price target of $660.28.

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.