Teza Capital Management LLC Increases Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Teza Capital Management LLC raised its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 332.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,439 shares of the company's stock after acquiring an additional 12,635 shares during the period. Spotify Technology makes up 1.1% of Teza Capital Management LLC's portfolio, making the stock its 9th largest holding. Teza Capital Management LLC's holdings in Spotify Technology were worth $7,354,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Hillsdale Investment Management Inc. bought a new stake in Spotify Technology in the fourth quarter worth $27,000. Quent Capital LLC grew its stake in shares of Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company's stock worth $44,000 after buying an additional 57 shares in the last quarter. Noble Wealth Management PBC bought a new stake in shares of Spotify Technology in the 4th quarter worth about $52,000. Colonial Trust Co SC increased its holdings in shares of Spotify Technology by 1,009.1% in the 4th quarter. Colonial Trust Co SC now owns 122 shares of the company's stock worth $55,000 after buying an additional 111 shares during the last quarter. Finally, Strategic Financial Concepts LLC purchased a new stake in shares of Spotify Technology during the 4th quarter valued at about $56,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 0.9%

Shares of SPOT traded down $6.10 during midday trading on Tuesday, reaching $658.52. 1,389,300 shares of the stock were exchanged, compared to its average volume of 2,195,813. The company has a market capitalization of $134.80 billion, a P/E ratio of 110.68 and a beta of 1.72. Spotify Technology S.A. has a 52 week low of $288.07 and a 52 week high of $669.00. The company's 50 day moving average is $590.56 and its two-hundred day moving average is $537.33.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The firm's revenue was up 15.2% compared to the same quarter last year. During the same period last year, the company earned $0.97 earnings per share. On average, sell-side analysts expect that Spotify Technology S.A. will post 10.3 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SPOT. Morgan Stanley lifted their price target on Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 5th. Redburn Atlantic initiated coverage on Spotify Technology in a report on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 target price for the company. Wolfe Research raised Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price on the stock in a research report on Monday, April 21st. Wells Fargo & Company raised their price target on Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a research report on Friday, March 28th. Finally, Rosenblatt Securities cut their price objective on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 30th. Eight research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $609.07.

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.