Goldman Sachs Group Inc. Has $957.49 Million Position in Spotify Technology (NYSE:SPOT)

Key Points

• Goldman Sachs Group Inc. significantly increased its stake in Spotify Technology by 1,151.0%, resulting in 1,740,803 shares valued at approximately $957 million.
• Several institutional investors also boosted their investments in Spotify, with ownership among institutional investors and hedge funds totaling 84.09% of the company's stock.
• Spotify's recent earnings report revealed a loss of $0.42 per share, falling short of the consensus estimate, despite a year-over-year revenue increase of 10.1%.

Goldman Sachs Group Inc. raised its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 1,151.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,740,803 shares of the company's stock after purchasing an additional 1,601,653 shares during the period. Goldman Sachs Group Inc. owned 0.85% of Spotify Technology worth $957,494,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SPOT. QRG Capital Management Inc. raised its stake in shares of Spotify Technology by 36.3% during 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 in the last quarter. GAMMA Investing LLC increased its stake in 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 during the period. Cambridge Investment Research Advisors Inc. raised its position in shares of Spotify Technology by 16.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock worth $4,699,000 after buying an additional 1,179 shares in the last quarter. Fifth Third Bancorp lifted its stake in shares of Spotify Technology by 30.7% in the 1st quarter. Fifth Third Bancorp now owns 302 shares of the company's stock worth $166,000 after acquiring an additional 71 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of 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 acquiring an additional 17,932 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. UBS Group lowered their price objective on shares of Spotify Technology from $895.00 to $850.00 and set a "buy" rating on the stock in a research note on Wednesday, July 30th. Barclays lowered their price target on Spotify Technology from $800.00 to $750.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. Macquarie upped their price objective on Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a report on Friday, April 25th. JPMorgan Chase & Co. raised their target price on Spotify Technology from $730.00 to $780.00 and gave the company an "overweight" rating in a research note on Friday, July 11th. Finally, Sanford C. Bernstein lifted their target price on Spotify Technology from $825.00 to $840.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Ten research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $718.90.

Spotify Technology Stock Up 3.9%

Shares of NYSE:SPOT traded up $26.62 during trading on Friday, reaching $713.36. 390,037 shares of the company traded hands, compared to its average volume of 2,337,378. The firm has a fifty day simple moving average of $701.76 and a 200 day simple moving average of $628.47. Spotify Technology has a 1-year low of $319.07 and a 1-year high of $785.00. The firm has a market cap of $146.03 billion, a P/E ratio of 173.17, a price-to-earnings-growth ratio of 2.89 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The firm had revenue of $4.94 billion during the quarter, compared to the consensus estimate of $4.29 billion. The company's quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.33 EPS. As a group, research analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Spotify Technology Company 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.