Oppenheimer & Co. Inc. raised its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 523.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,863 shares of the company's stock after buying an additional 2,404 shares during the period. Oppenheimer & Co. Inc.'s holdings in Spotify Technology were worth $1,575,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. grew its stake in Spotify Technology by 7.4% in the first quarter. Oppenheimer Asset Management Inc. now owns 7,864 shares of the company's stock valued at $4,325,000 after purchasing an additional 543 shares in the last quarter. 5T Wealth LLC acquired a new stake in shares of Spotify Technology in the 1st quarter valued at approximately $226,000. Whalen Wealth Management Inc. bought a new position in shares of Spotify Technology in the first quarter valued at $498,000. Cambridge Investment Research Advisors Inc. increased its holdings in Spotify Technology by 16.0% during the first 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 during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Spotify Technology during the first quarter worth $2,351,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.
Spotify Technology Stock Performance
Shares of SPOT stock traded down $3.39 during trading on Friday, hitting $772.52. The company had a trading volume of 2,792,218 shares, compared to its average volume of 2,208,809. The firm has a market capitalization of $158.14 billion, a P/E ratio of 128.11, a price-to-earnings-growth ratio of 2.02 and a beta of 1.68. Spotify Technology has a one year low of $288.07 and a one year high of $785.00. The stock's 50-day moving average price is $664.99 and its 200 day moving average price is $584.00.
Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period last year, the company posted $0.97 earnings per share. On average, research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of analysts have commented on SPOT shares. Sanford C. Bernstein upgraded shares of Spotify Technology to a "strong-buy" rating in a research note on Tuesday, June 3rd. Redburn Atlantic initiated coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 target price on the stock. FBN Securities initiated coverage on shares of Spotify Technology in a research note on Friday, March 28th. They issued a "sector perform" rating and a $645.00 target price for the company. Canaccord Genuity Group reissued a "buy" rating on shares of Spotify Technology in a research report on Friday, June 6th. Finally, Guggenheim lifted their target price on Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Spotify Technology currently has an average rating of "Moderate Buy" and an average target price of $654.93.
View Our Latest Stock Report on SPOT
About Spotify Technology
(
Free Report)
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.
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