Spotify Technology S.A. (NYSE:SPOT) Holdings Increased by Abacus FCF Advisors LLC

Abacus FCF Advisors LLC increased its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 75.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 31,028 shares of the company's stock after purchasing an additional 13,347 shares during the period. Spotify Technology makes up 2.7% of Abacus FCF Advisors LLC's holdings, making the stock its 9th largest position. Abacus FCF Advisors LLC's holdings in Spotify Technology were worth $17,066,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans boosted its stake in shares of Spotify Technology by 566.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after buying an additional 6,782 shares during the last quarter. Marks Group Wealth Management Inc bought a new stake in Spotify Technology during the fourth quarter worth $535,000. Steward Partners Investment Advisory LLC raised its position in Spotify Technology by 4.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,072 shares of the company's stock worth $927,000 after acquiring an additional 85 shares in the last quarter. WealthPlan Investment Management LLC acquired a new stake in Spotify Technology in the fourth quarter valued at $217,000. Finally, Amundi grew its position in shares of Spotify Technology by 194.2% in the 4th quarter. Amundi now owns 750,030 shares of the company's stock valued at $359,812,000 after acquiring an additional 495,087 shares during the period. Institutional investors own 84.09% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on SPOT shares. Guggenheim reaffirmed a "buy" rating on shares of Spotify Technology in a research report on Friday, June 6th. Phillip Securities raised shares of Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. JPMorgan Chase & Co. lifted their price objective on shares of Spotify Technology from $670.00 to $730.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Wells Fargo & Company boosted their price objective on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a report on Friday, March 28th. Finally, Cantor Fitzgerald dropped their price target on shares of Spotify Technology from $600.00 to $520.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Eight investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $611.14.

Spotify Technology Stock Up 2.1%

Shares of SPOT traded up $14.91 during mid-day trading on Wednesday, hitting $708.23. 1,237,977 shares of the company's stock traded hands, compared to its average volume of 2,213,048. The firm has a market capitalization of $144.98 billion, a P/E ratio of 119.03 and a beta of 1.68. The business's 50-day moving average price is $618.26 and its 200-day moving average price is $561.98. Spotify Technology S.A. has a 1 year low of $288.07 and a 1 year high of $717.87.

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