Harbor Investment Advisory LLC Purchases 1,402 Shares of Spotify Technology S.A. (NYSE:SPOT)

Harbor Investment Advisory LLC increased its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 1,298.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,510 shares of the company's stock after purchasing an additional 1,402 shares during the quarter. Harbor Investment Advisory LLC's holdings in Spotify Technology were worth $831,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Jennison Associates LLC acquired a new stake in Spotify Technology in the fourth quarter worth about $1,335,575,000. FMR LLC raised its position in Spotify Technology by 30.2% in the fourth quarter. FMR LLC now owns 2,041,387 shares of the company's stock worth $913,276,000 after acquiring an additional 473,569 shares in the last quarter. Schroder Investment Management Group raised its position in Spotify Technology by 0.4% in the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock worth $855,810,000 after acquiring an additional 7,075 shares in the last quarter. GQG Partners LLC bought a new stake in Spotify Technology in the fourth quarter worth about $800,725,000. Finally, Geode Capital Management LLC raised its position in Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after acquiring an additional 1,259,183 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on SPOT shares. Robert W. Baird boosted their price target on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Loop Capital boosted their price target on shares of Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research report on Friday, May 2nd. KeyCorp dropped their price target on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. The Goldman Sachs Group boosted their price target on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a "buy" rating in a research report on Thursday, February 6th. Finally, Redburn Atlantic started coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price target on the stock. Eight investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, Spotify Technology has a consensus rating of "Moderate Buy" and an average price target of $611.14.

Spotify Technology Stock Up 4.5%

Shares of SPOT traded up $30.45 during trading hours on Wednesday, reaching $701.52. The company's stock had a trading volume of 2,523,616 shares, compared to its average volume of 2,224,181. The firm has a market cap of $143.61 billion, a price-to-earnings ratio of 117.90 and a beta of 1.72. Spotify Technology S.A. has a 1-year low of $288.07 and a 1-year high of $708.12. The company has a 50 day moving average of $603.63 and a two-hundred day moving average of $553.77.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results 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 analyst estimates of $4.22 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. Spotify Technology's revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.97 EPS. As a group, analysts forecast that Spotify Technology S.A. will post 10.3 EPS for the current fiscal year.

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.