Sage Rhino Capital LLC Buys New Shares in Spotify Technology (NYSE:SPOT)

Sage Rhino Capital LLC bought a new position in Spotify Technology (NYSE:SPOT - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 402 shares of the company's stock, valued at approximately $221,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. FMR LLC raised its holdings in shares of Spotify Technology by 30.2% during the fourth quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after acquiring an additional 473,569 shares during the period. Schroder Investment Management Group raised its holdings 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 valued at $855,810,000 after acquiring an additional 7,075 shares during the period. GQG Partners LLC acquired a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $800,725,000. Geode Capital Management LLC raised its holdings in shares of Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after acquiring an additional 1,259,183 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Spotify Technology by 103.7% during the fourth quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock valued at $638,367,000 after acquiring an additional 726,245 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on SPOT shares. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target on the stock in a report on Monday, April 21st. China Renaissance initiated coverage on shares of Spotify Technology in a research report on Wednesday, March 26th. They set a "buy" rating and a $740.00 price objective on the stock. Canaccord Genuity Group boosted their price objective on shares of Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Macquarie boosted their price objective on shares of Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Finally, The Goldman Sachs Group boosted their price objective 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. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $701.31.

Spotify Technology Stock Performance

Shares of Spotify Technology stock traded down $1.13 on Friday, reaching $708.82. The stock had a trading volume of 1,267,406 shares, compared to its average volume of 2,218,133. The business's 50-day moving average price is $689.79 and its two-hundred day moving average price is $600.93. Spotify Technology has a fifty-two week low of $288.07 and a fifty-two week high of $785.00. The stock has a market cap of $145.10 billion, a P/E ratio of 117.55, a price-to-earnings-growth ratio of 1.87 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last released 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). The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. Spotify Technology's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.97 earnings per share. As a group, equities 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.