Oak Ridge Investments LLC Buys 835 Shares of Spotify Technology (NYSE:SPOT)

Key Points

• Oak Ridge Investments LLC increased its stake in Spotify Technology (NYSE:SPOT) by 7.1% during the first quarter, owning 12,565 shares valued at $6.9 million.
• Goldman Sachs Group Inc. significantly boosted its holdings by 1,151%, now owning over 1.7 million shares valued at approximately $957 million.
• Spotify reported a loss of ($0.42) earnings per share for the latest quarter, missing the consensus estimate by ($2.42), despite a revenue increase to $4.94 billion.

Oak Ridge Investments LLC raised its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 7.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,565 shares of the company's stock after buying an additional 835 shares during the period. Oak Ridge Investments LLC's holdings in Spotify Technology were worth $6,911,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. QRG Capital Management Inc. increased its stake in Spotify Technology by 36.3% in the first quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock valued at $391,000 after purchasing an additional 189 shares during the period. GAMMA Investing LLC increased its stake in Spotify Technology by 38.1% in the first quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock valued at $718,000 after purchasing an additional 360 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in Spotify Technology by 16.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock valued at $4,699,000 after purchasing an additional 1,179 shares during the period. Fifth Third Bancorp increased its stake in Spotify Technology by 30.7% in the first quarter. Fifth Third Bancorp now owns 302 shares of the company's stock valued at $166,000 after purchasing an additional 71 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Spotify Technology by 238.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,441 shares of the company's stock valued at $13,993,000 after purchasing an additional 17,932 shares during the period. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Trading Up 4.8%

Shares of NYSE SPOT traded up $33.24 during midday trading on Friday, reaching $731.74. The company's stock had a trading volume of 3,005,192 shares, compared to its average volume of 2,753,961. The company has a 50 day moving average price of $703.27 and a 200 day moving average price of $637.23. Spotify Technology has a one year low of $319.07 and a one year high of $785.00. The company has a market cap of $149.79 billion, a price-to-earnings ratio of 177.61, a price-to-earnings-growth ratio of 3.17 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share 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 analyst estimates of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The firm's quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.33 EPS. Research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Evercore ISI boosted their price objective on shares of Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a report on Monday, June 16th. Sanford C. Bernstein boosted their price objective on shares of Spotify Technology from $825.00 to $840.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Bank of America boosted their price objective on shares of Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Macquarie upped their price target on shares of Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a report on Friday, April 25th. Finally, Morgan Stanley reduced 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 analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average 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.