Allianz Asset Management GmbH Grows Stock Holdings in Spotify Technology (NYSE:SPOT)

Allianz Asset Management GmbH lifted its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 28.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 200,632 shares of the company's stock after purchasing an additional 44,051 shares during the quarter. Allianz Asset Management GmbH owned 0.10% of Spotify Technology worth $110,354,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of SPOT. Cornerstone Planning Group LLC increased its position in Spotify Technology by 512.5% during the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after acquiring an additional 41 shares during the last quarter. Tsfg LLC purchased a new stake in Spotify Technology during the first quarter valued at $28,000. North Star Investment Management Corp. increased its position in Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after acquiring an additional 19 shares during the last quarter. Mpwm Advisory Solutions LLC purchased a new stake in Spotify Technology during the fourth quarter valued at $26,000. Finally, Hillsdale Investment Management Inc. purchased a new stake in Spotify Technology during the fourth quarter valued at $27,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Up 2.2%

Spotify Technology stock traded up $14.51 during midday trading on Thursday, reaching $688.97. 1,277,868 shares of the stock traded hands, compared to its average volume of 2,242,713. The stock's fifty day moving average is $699.83 and its 200-day moving average is $614.42. Spotify Technology has a 12 month low of $300.57 and a 12 month high of $785.00. The stock has a market cap of $141.04 billion, a P/E ratio of 114.21, a PEG ratio of 1.80 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. Spotify Technology's revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.97 earnings per share. On average, equities analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently commented on SPOT. Cantor Fitzgerald upped their price objective on Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a research report on Wednesday, June 18th. Guggenheim upped their price target on Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. Robert W. Baird upped their price target on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Oppenheimer upgraded Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 price target for the company in a research report on Thursday. Finally, Barclays upped their price target on Spotify Technology from $650.00 to $800.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $715.77.

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.