Rhumbline Advisers Grows Position in Spotify Technology S.A. (NYSE:SPOT)

Rhumbline Advisers boosted its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 3.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 195,859 shares of the company's stock after acquiring an additional 6,249 shares during the quarter. Rhumbline Advisers owned 0.10% of Spotify Technology worth $107,728,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Thrivent Financial for Lutherans boosted its stake in shares of Spotify Technology by 566.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after buying an additional 6,782 shares during the last quarter. Jennison Associates LLC bought a new position in Spotify Technology in the 4th quarter worth $1,335,575,000. Marks Group Wealth Management Inc bought a new position in Spotify Technology in the 4th quarter worth $535,000. Steward Partners Investment Advisory LLC raised its holdings in Spotify Technology by 4.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,072 shares of the company's stock valued at $927,000 after acquiring an additional 85 shares during the period. Finally, WealthPlan Investment Management LLC bought a new stake in Spotify Technology during the fourth quarter valued at about $217,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Performance

Shares of NYSE SPOT traded up $11.17 during mid-day trading on Thursday, reaching $712.25. The company had a trading volume of 2,005,265 shares, compared to its average volume of 2,219,877. Spotify Technology S.A. has a one year low of $288.07 and a one year high of $717.87. The firm has a market cap of $145.80 billion, a price-to-earnings ratio of 119.71 and a beta of 1.72. The business's 50-day simple moving average is $609.69 and its 200 day simple moving average is $556.57.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same period in the prior year, the firm earned $0.97 earnings per share. Spotify Technology's revenue was up 15.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Spotify Technology S.A. will post 10.3 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SPOT shares. Benchmark lifted their target price on Spotify Technology from $600.00 to $720.00 and gave the stock a "buy" rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. lifted their price target on Spotify Technology from $670.00 to $730.00 and gave the stock an "overweight" rating in a research report on Wednesday. Wolfe Research upgraded Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price for the company in a research report on Monday, April 21st. KeyCorp reduced their price objective on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Finally, Robert W. Baird upped their price target on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Eight analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Spotify Technology currently has an average rating of "Moderate Buy" and a consensus target price of $611.14.

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.