Cambridge Investment Research Advisors Inc. increased its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 16.0% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 8,543 shares of the company's stock after buying an additional 1,179 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in Spotify Technology were worth $4,699,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of the business. IFP Advisors Inc raised its stake in Spotify Technology by 51.3% during the 4th quarter. IFP Advisors Inc now owns 578 shares of the company's stock valued at $259,000 after buying an additional 196 shares during the last quarter. Amalgamated Bank lifted its holdings in Spotify Technology by 0.7% in the fourth quarter. Amalgamated Bank now owns 10,300 shares of the company's stock valued at $4,608,000 after acquiring an additional 73 shares during the period. Whipplewood Advisors LLC purchased a new position in Spotify Technology in the fourth quarter worth about $133,000. NewEdge Wealth LLC boosted its position in Spotify Technology by 64.2% in the fourth quarter. NewEdge Wealth LLC now owns 2,929 shares of the company's stock worth $1,310,000 after purchasing an additional 1,145 shares during the last quarter. Finally, New York Life Investment Management LLC bought a new stake in shares of Spotify Technology during the 4th quarter valued at about $239,000. Hedge funds and other institutional investors own 84.09% of the company's stock.
Spotify Technology Stock Down 0.4%
NYSE SPOT traded down $3.39 on Friday, reaching $772.52. The company had a trading volume of 2,792,218 shares, compared to its average volume of 2,208,809. The stock has a market capitalization of $158.14 billion, a PE ratio of 128.11, a price-to-earnings-growth ratio of 2.02 and a beta of 1.68. Spotify Technology has a 12 month low of $288.07 and a 12 month high of $785.00. The firm's 50 day moving average price is $664.99 and its 200 day moving average price is $584.00.
Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results 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 firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The company's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period last year, the firm posted $0.97 earnings per share. On average, research analysts expect that Spotify Technology will post 10.3 EPS for the current year.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on SPOT. DZ Bank cut shares of Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a research note on Friday, June 13th. China Renaissance started coverage on shares of Spotify Technology in a research report on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price target on the stock. Bank of America boosted their price objective on shares of Spotify Technology from $700.00 to $900.00 and gave the company a "buy" rating in a research report on Thursday. Cantor Fitzgerald upped their price objective on Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. Finally, Wolfe Research upgraded Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price on the stock in a research report on Monday, April 21st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $654.93.
Read Our Latest Report on Spotify Technology
About Spotify Technology
(
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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