Generate Investment Management Ltd Boosts Stock Holdings in Spotify Technology (NYSE:SPOT)

Generate Investment Management Ltd grew its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 39.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,807 shares of the company's stock after purchasing an additional 7,018 shares during the period. Generate Investment Management Ltd's holdings in Spotify Technology were worth $13,645,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. GQG Partners LLC bought a new stake in Spotify Technology during the 4th quarter valued at $800,725,000. Geode Capital Management LLC increased its position 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 purchasing an additional 1,259,183 shares during the period. Norges Bank purchased a new position in Spotify Technology during the 4th quarter valued at about $396,028,000. Janus Henderson Group PLC raised its holdings in shares of Spotify Technology by 325.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock valued at $503,316,000 after purchasing an additional 861,232 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Spotify Technology by 103.7% in the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock worth $638,367,000 after purchasing an additional 726,245 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. UBS Group reissued an "overweight" rating on shares of Spotify Technology in a report on Friday, June 6th. DZ Bank cut Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a research report on Friday, June 13th. Phillip Securities upgraded Spotify Technology to a "moderate sell" rating in a report on Monday, May 5th. Macquarie boosted their price target on Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Finally, Rosenblatt Securities cut their target price on Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $634.24.

Spotify Technology Trading Down 1.9%

Shares of SPOT stock traded down $13.92 during trading hours on Wednesday, hitting $735.99. The company's stock had a trading volume of 1,149,862 shares, compared to its average volume of 2,204,612. The stock has a market cap of $150.66 billion, a PE ratio of 122.05, a price-to-earnings-growth ratio of 1.92 and a beta of 1.68. Spotify Technology has a 12-month low of $288.07 and a 12-month high of $758.91. The company has a 50 day moving average of $653.56 and a 200 day moving average of $578.07.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted 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). The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The company's revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.97 earnings per share. As a group, analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

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.