Spotify Technology (NYSE:SPOT) Holdings Boosted by Virtu Financial LLC

Key Points

• Virtu Financial LLC increased its shareholding in Spotify Technology by 113.4%, owning 7,412 shares valued at approximately $4.08 million at the end of the last quarter.
• Spotify's latest earnings report revealed a loss of ($0.42) EPS, significantly below the expected $2.00 EPS, despite revenues of $4.94 billion surpassing estimates.
• Multiple analysts have adjusted their price targets for Spotify, with Goldman Sachs raising its target from $680 to $775, indicating a generally positive sentiment with a consensus rating of "Moderate Buy".

Virtu Financial LLC boosted its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 113.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,412 shares of the company's stock after acquiring an additional 3,939 shares during the period. Virtu Financial LLC's holdings in Spotify Technology were worth $4,077,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Hartford Investment Management Co. lifted its holdings in Spotify Technology by 1.1% in the first quarter. Hartford Investment Management Co. now owns 1,449 shares of the company's stock worth $797,000 after acquiring an additional 16 shares during the last quarter. Citizens Financial Group Inc. RI lifted its holdings in Spotify Technology by 3.7% in the first quarter. Citizens Financial Group Inc. RI now owns 477 shares of the company's stock worth $262,000 after acquiring an additional 17 shares during the last quarter. HM Payson & Co. lifted its holdings in Spotify Technology by 39.1% in the first quarter. HM Payson & Co. now owns 64 shares of the company's stock worth $35,000 after acquiring an additional 18 shares during the last quarter. North Star Investment Management Corp. lifted its holdings in Spotify Technology by 52.8% in the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after acquiring an additional 19 shares during the last quarter. Finally, Adero Partners LLC raised its holdings in shares of Spotify Technology by 0.7% during the first quarter. Adero Partners LLC now owns 2,635 shares of the company's stock valued at $1,449,000 after buying an additional 19 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $706.38 on Friday. The firm has a market cap of $144.60 billion, a price-to-earnings ratio of 171.45, a price-to-earnings-growth ratio of 3.06 and a beta of 1.69. Spotify Technology has a 1 year low of $319.07 and a 1 year high of $785.00. The firm's 50 day moving average price is $702.55 and its two-hundred day moving average price is $630.93.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of $2.00 by ($2.42). The business had revenue of $4.94 billion during the quarter, compared to analyst estimates of $4.29 billion. Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The company's quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.33 EPS. As a group, equities analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of recent analyst reports. The Goldman Sachs Group lifted their price target on Spotify Technology from $680.00 to $775.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Benchmark cut their price target on Spotify Technology from $840.00 to $800.00 and set a "buy" rating on the stock in a report on Wednesday, July 30th. Robert W. Baird lifted their price target on Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Morgan Stanley cut their price target on Spotify Technology from $850.00 to $800.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. Finally, Cantor Fitzgerald lifted their price target on Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a report on Wednesday, June 18th. Ten research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $718.90.

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.

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