Townsquare Capital LLC Purchases 1,171 Shares of Spotify Technology (NYSE:SPOT)

Key Points

• Townsquare Capital LLC increased its position in Spotify Technology by 21.9% in Q1, acquiring an additional 1,171 shares, bringing its total to 6,509 shares valued at approximately $3.58 million.
• Spotify's quarterly earnings report showed a loss of ($0.42) earnings per share, significantly missing the consensus estimate of $2.00, despite a 10.1% year-over-year revenue increase to $4.94 billion.
• Analysts have mixed ratings on Spotify, with ten rating it as a "hold" and twenty giving it a "buy," and price targets ranging from $652 to $840.

Townsquare Capital LLC grew its stake in Spotify Technology (NYSE:SPOT - Free Report) by 21.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,509 shares of the company's stock after purchasing an additional 1,171 shares during the quarter. Townsquare Capital LLC's holdings in Spotify Technology were worth $3,580,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in SPOT. Founders Financial Alliance LLC bought a new position in shares of Spotify Technology in the first quarter valued at approximately $374,000. Keystone Investors PTE Ltd. acquired a new stake in Spotify Technology during the 1st quarter worth about $564,000. Forsta AP Fonden boosted its position in Spotify Technology by 12.6% during the first quarter. Forsta AP Fonden now owns 1,559,652 shares of the company's stock valued at $857,855,000 after purchasing an additional 174,700 shares during the last quarter. Savvy Advisors Inc. raised its position in Spotify Technology by 407.7% during the first quarter. Savvy Advisors Inc. now owns 2,559 shares of the company's stock valued at $1,408,000 after acquiring an additional 2,055 shares in the last quarter. Finally, National Bank of Canada FI lifted its stake in shares of Spotify Technology by 43.1% in the 1st quarter. National Bank of Canada FI now owns 3,534 shares of the company's stock valued at $1,944,000 after purchasing an additional 1,064 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SPOT. Guggenheim lifted 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. Robert W. Baird raised their price target on Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Morgan Stanley cut their price objective 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. Evercore ISI raised their target price on Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a report on Monday, June 16th. Finally, Bank of America lifted their price target on shares of Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. Ten investment 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, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $718.90.

Spotify Technology Stock Performance

SPOT traded up $2.85 during midday trading on Thursday, reaching $697.85. 1,419,833 shares of the company were exchanged, compared to its average volume of 2,322,995. Spotify Technology has a one year low of $319.07 and a one year high of $785.00. The company's fifty day moving average price is $703.17 and its 200 day moving average price is $633.91. The company has a market cap of $142.86 billion, a price-to-earnings ratio of 169.38, a price-to-earnings-growth ratio of 2.98 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted 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 the consensus estimate of $4.29 billion. Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The firm's revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter last year, the company posted $1.33 earnings per share. As a group, sell-side analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal 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.