Spotify Technology (NYSE:SPOT) Shares Purchased by IQ EQ FUND MANAGEMENT IRELAND Ltd

Key Points

• IQ EQ FUND MANAGEMENT IRELAND Ltd increased its holdings in Spotify Technology by 54.1%, now owning 2,305 shares valued at approximately $1.27 million.
• Multiple hedge funds, including Raiffeisen Bank and Scotia Capital, have also boosted their stakes in Spotify, with 84.09% of the stock currently held by institutional investors.
• Analysts remain optimistic about Spotify, with nine having a hold rating and twenty assigning a buy rating, leading to a consensus price target of $718.90.

IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 54.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,305 shares of the company's stock after acquiring an additional 809 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd's holdings in Spotify Technology were worth $1,268,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. QRG Capital Management Inc. increased its position in Spotify Technology by 36.3% in the first quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock worth $391,000 after purchasing an additional 189 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Spotify Technology by 38.1% during the 1st quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock valued at $718,000 after buying an additional 360 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Spotify Technology by 16.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock valued at $4,699,000 after acquiring an additional 1,179 shares during the last quarter. Fifth Third Bancorp grew its position in Spotify Technology by 30.7% in the first quarter. Fifth Third Bancorp now owns 302 shares of the company's stock worth $166,000 after acquiring an additional 71 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Spotify Technology by 238.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,441 shares of the company's stock worth $13,993,000 after acquiring an additional 17,932 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Trading Up 3.1%

Shares of NYSE:SPOT traded up $20.64 on Thursday, reaching $687.45. The company had a trading volume of 2,441,891 shares, compared to its average volume of 2,685,037. The firm has a market capitalization of $140.73 billion, a PE ratio of 166.86, a PEG ratio of 2.89 and a beta of 1.69. Spotify Technology has a 52-week low of $319.07 and a 52-week high of $785.00. The firm's 50 day simple moving average is $700.75 and its 200-day simple moving average is $627.08.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its 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 company had revenue of $4.94 billion during the quarter, compared to analysts' expectations of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. Spotify Technology's revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.33 EPS. As a group, equities research analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Bank of America raised their price objective on Spotify Technology from $700.00 to $900.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Barclays lowered their price target on Spotify Technology from $800.00 to $750.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Rosenblatt Securities cut their price objective on shares of Spotify Technology from $703.00 to $679.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 30th. Guggenheim raised their target price on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a report on Wednesday, June 25th. Finally, Morgan Stanley cut their price target on shares of Spotify Technology from $850.00 to $800.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. Ten equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $718.90.

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.