Sowell Financial Services LLC Buys Shares of 8,380 Spotify Technology S.A. (NYSE:SPOT)

Sowell Financial Services LLC bought a new stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 8,380 shares of the company's stock, valued at approximately $4,609,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. FMR LLC raised its holdings in Spotify Technology by 30.2% during the 4th 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 Spotify Technology by 0.4% during the 4th 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 bought a new stake in Spotify Technology during the 4th quarter valued at $800,725,000. Geode Capital Management LLC raised its holdings in Spotify Technology by 561.6% during the 4th 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 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 acquiring an additional 726,245 shares during the period. Institutional investors own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Evercore ISI decreased their price target on shares of Spotify Technology from $700.00 to $650.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. KeyCorp decreased their price target on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Canaccord Genuity Group reaffirmed a "buy" rating on shares of Spotify Technology in a report on Friday, June 6th. Wells Fargo & Company upped their price target on shares of Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a report on Friday, March 28th. Finally, Robert W. Baird upped their price target on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Eight equities research 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's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $611.14.

Spotify Technology Trading Up 1.1%

Spotify Technology stock opened at $710.53 on Monday. The firm has a 50-day moving average of $629.98 and a 200-day moving average of $567.40. The firm has a market cap of $145.45 billion, a P/E ratio of 119.42 and a beta of 1.68. Spotify Technology S.A. has a 1-year low of $288.07 and a 1-year high of $717.87.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The firm had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The business's revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.97 earnings per share. Research analysts forecast that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

About Spotify Technology

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.

Want to see what other hedge funds are holding SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spotify Technology S.A. (NYSE:SPOT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.