Strategic Global Advisors LLC Has $13.90 Million Position in Spotify Technology S.A. (NYSE:SPOT)

Strategic Global Advisors LLC lifted its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 121.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 31,062 shares of the company's stock after buying an additional 17,029 shares during the quarter. Spotify Technology makes up 2.5% of Strategic Global Advisors LLC's portfolio, making the stock its 8th biggest position. Strategic Global Advisors LLC's holdings in Spotify Technology were worth $13,897,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of SPOT. Jennison Associates LLC bought a new stake in Spotify Technology in the fourth quarter worth about $1,335,575,000. FMR LLC raised its holdings in shares of Spotify Technology by 30.2% in the 4th quarter. FMR LLC now owns 2,041,387 shares of the company's stock worth $913,276,000 after purchasing an additional 473,569 shares in the last quarter. Schroder Investment Management Group lifted its stake in Spotify Technology by 0.4% during the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock valued at $855,810,000 after purchasing an additional 7,075 shares during the last quarter. GQG Partners LLC bought a new stake in Spotify Technology during the fourth quarter worth approximately $800,725,000. Finally, Geode Capital Management LLC boosted its holdings in Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after buying an additional 1,259,183 shares in the last quarter. Institutional investors own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SPOT shares. Canaccord Genuity Group upped their price target on Spotify Technology from $700.00 to $775.00 and gave the company a "buy" rating in a report on Tuesday. Morgan Stanley boosted their target price on Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 5th. Evercore ISI decreased their price target on Spotify Technology from $700.00 to $650.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Macquarie boosted their price objective on Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. Finally, China Renaissance assumed coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They set a "buy" rating and a $740.00 price objective for the company. Eight analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and an average price target of $609.07.

Spotify Technology Stock Performance

Shares of NYSE SPOT traded down $6.10 during mid-day trading on Tuesday, reaching $658.52. The company had a trading volume of 1,389,300 shares, compared to its average volume of 2,195,813. Spotify Technology S.A. has a one year low of $288.07 and a one year high of $669.00. The business's 50-day simple moving average is $590.56 and its 200 day simple moving average is $537.33. The firm has a market cap of $134.80 billion, a price-to-earnings ratio of 110.68 and a beta of 1.72.

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

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.