SlateStone Wealth LLC Invests $214,000 in Spotify Technology (NYSE:SPOT)

Key Points

• SlateStone Wealth LLC has acquired a new stake in Spotify Technology, purchasing 389 shares valued at approximately $214,000 during the 1st quarter.
• Hedge funds and institutional investors collectively own 84.09% of Spotify's stock, indicating strong institutional interest in the company.
• Spotify recently reported quarterly earnings, missing earnings per share estimates significantly, with a net margin of 4.76% and a revenue increase of 15.2% year-over-year.

SlateStone Wealth LLC acquired a new stake in Spotify Technology (NYSE:SPOT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 389 shares of the company's stock, valued at approximately $214,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Jennison Associates LLC grew its position in shares of Spotify Technology by 42.3% in the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock valued at $2,336,494,000 after acquiring an additional 1,262,614 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of Spotify Technology by 3.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock worth $1,939,949,000 after buying an additional 112,553 shares during the last quarter. FMR LLC lifted its stake in shares of Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company's stock worth $913,276,000 after buying an additional 473,569 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Spotify Technology by 561.6% during the 4th 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 last quarter. Finally, Northern Trust Corp lifted its stake in shares of Spotify Technology by 103.7% during the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock worth $638,367,000 after buying an additional 726,245 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Performance

Shares of NYSE SPOT traded up $0.61 during midday trading on Friday, reaching $627.15. The stock had a trading volume of 2,529,175 shares, compared to its average volume of 2,387,677. The firm has a market cap of $128.38 billion, a price-to-earnings ratio of 152.22, a price-to-earnings-growth ratio of 2.56 and a beta of 1.70. Spotify Technology has a twelve month low of $300.57 and a twelve month high of $785.00. The company's 50 day moving average price is $700.71 and its 200 day moving average price is $623.58.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the previous year, the firm earned $0.97 EPS. The firm's revenue was up 15.2% on a year-over-year basis. Equities analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SPOT. JPMorgan Chase & Co. lifted their price objective on shares of Spotify Technology from $730.00 to $780.00 and gave the stock an "overweight" rating in a research note on Friday, July 11th. Pivotal Research lifted their price objective on shares of Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. Guggenheim lifted their price objective on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Benchmark dropped their price objective on shares of Spotify Technology from $840.00 to $800.00 and set a "buy" rating for the company in a research note on Wednesday. Finally, Canaccord Genuity Group lifted their price objective on shares of Spotify Technology from $775.00 to $850.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Nine analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat, Spotify Technology currently has an average rating of "Moderate Buy" and a consensus price target of $718.90.

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.