Ritholtz Wealth Management raised its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 18.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,788 shares of the company's stock after buying an additional 1,052 shares during the quarter. Ritholtz Wealth Management's holdings in Spotify Technology were worth $3,734,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. FMR LLC raised its position in Spotify Technology by 30.2% in the fourth quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after purchasing an additional 473,569 shares during the period. Schroder Investment Management Group lifted its position in shares of Spotify Technology by 0.4% during the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock worth $855,810,000 after purchasing an additional 7,075 shares in the last quarter. GQG Partners LLC purchased a new position in Spotify Technology in the 4th quarter valued at about $800,725,000. Geode Capital Management LLC boosted its holdings in Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after purchasing an additional 1,259,183 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 Down 1.5%
Spotify Technology stock traded down $10.52 during trading hours on Thursday, hitting $710.76. 1,601,194 shares of the company traded hands, compared to its average volume of 2,206,338. Spotify Technology has a 1-year low of $288.07 and a 1-year high of $728.80. The firm has a market cap of $145.50 billion, a P/E ratio of 117.87, a P/E/G ratio of 1.89 and a beta of 1.68. The firm's 50-day simple moving average is $639.86 and its two-hundred day simple moving average is $571.10.
Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The company's revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the business earned $0.97 earnings per share. On average, equities research analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.
Analysts Set New Price Targets
Several equities analysts have recently commented on the company. JPMorgan Chase & Co. increased their target price on Spotify Technology from $670.00 to $730.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Barclays reduced their price objective on shares of Spotify Technology from $710.00 to $650.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. Canaccord Genuity Group restated a "buy" rating on shares of Spotify Technology in a research note on Friday, June 6th. Redburn Atlantic started coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price target on the stock. Finally, UBS Group reissued an "overweight" rating on shares of Spotify Technology in a report on Friday, June 6th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $630.28.
Check Out Our Latest Analysis on Spotify Technology
Spotify Technology Company Profile
(
Free Report)
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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