First Horizon Advisors Inc. Has $553,000 Stock Position in Spotify Technology (NYSE:SPOT)

First Horizon Advisors Inc. increased its stake in Spotify Technology (NYSE:SPOT - Free Report) by 99.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,006 shares of the company's stock after purchasing an additional 502 shares during the period. First Horizon Advisors Inc.'s holdings in Spotify Technology were worth $553,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. FMR LLC lifted its holdings in shares of Spotify Technology by 30.2% in the 4th quarter. FMR LLC now owns 2,041,387 shares of the company's stock worth $913,276,000 after purchasing an additional 473,569 shares during the last quarter. Schroder Investment Management Group lifted its holdings in shares of Spotify Technology by 0.4% in the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock worth $855,810,000 after purchasing an additional 7,075 shares during the last quarter. GQG Partners LLC bought a new stake in shares of Spotify Technology in the 4th quarter worth approximately $800,725,000. Geode Capital Management LLC raised its stake 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 in the last quarter. Finally, Northern Trust Corp raised its stake 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 in the last quarter. Institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on SPOT shares. Wells Fargo & Company lifted their target price on Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research note on Friday, March 28th. FBN Securities began coverage on Spotify Technology in a research note on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price objective on the stock. KeyCorp dropped their price objective on Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. China Renaissance began coverage on Spotify Technology in a research note on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price objective on the stock. Finally, Sanford C. Bernstein raised Spotify Technology to a "strong-buy" rating in a research note on Tuesday, June 3rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $660.28.

Spotify Technology Stock Performance

Shares of SPOT stock traded up $14.48 on Friday, reaching $723.98. 1,078,903 shares of the company's stock traded hands, compared to its average volume of 2,228,612. Spotify Technology has a 12-month low of $288.07 and a 12-month high of $785.00. The company has a market capitalization of $148.20 billion, a P/E ratio of 120.06, a price-to-earnings-growth ratio of 1.91 and a beta of 1.68. The business's 50 day moving average price is $678.50 and its two-hundred day moving average price is $592.85.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly 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). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The business had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter in the prior year, the firm posted $0.97 EPS. The business's quarterly revenue was up 15.2% compared to the same quarter last year. Research analysts predict that Spotify Technology will post 10.3 earnings per share for the current 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.