Abacus FCF Advisors LLC increased its stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 75.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,028 shares of the company's stock after purchasing an additional 13,347 shares during the quarter. Spotify Technology makes up approximately 2.7% of Abacus FCF Advisors LLC's holdings, making the stock its 9th largest holding. Abacus FCF Advisors LLC's holdings in Spotify Technology were worth $17,066,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Auxano Advisors LLC boosted its stake in Spotify Technology by 2.5% in the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company's stock worth $370,000 after buying an additional 20 shares during the last quarter. SRS Capital Advisors Inc. lifted its holdings in shares of Spotify Technology by 4.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company's stock worth $256,000 after acquiring an additional 25 shares during the period. Covenant Partners LLC lifted its holdings in shares of Spotify Technology by 2.5% during the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock worth $458,000 after acquiring an additional 25 shares during the period. First Horizon Advisors Inc. boosted its position in shares of Spotify Technology by 5.4% in the fourth quarter. First Horizon Advisors Inc. now owns 504 shares of the company's stock worth $225,000 after acquiring an additional 26 shares during the last quarter. Finally, Harbour Investments Inc. boosted its position in shares of Spotify Technology by 13.3% in the fourth quarter. Harbour Investments Inc. now owns 222 shares of the company's stock worth $99,000 after acquiring an additional 26 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.
Spotify Technology Price Performance
SPOT traded down $7.28 during trading on Thursday, hitting $701.86. The company had a trading volume of 1,014,354 shares, compared to its average volume of 2,208,298. Spotify Technology S.A. has a 1-year low of $288.07 and a 1-year high of $717.87. The company has a market cap of $143.68 billion, a PE ratio of 117.96 and a beta of 1.68. The business has a 50-day moving average of $622.37 and a 200-day moving average of $562.99.
Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results 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 during the quarter, compared to analyst estimates of $4.22 billion. During the same quarter last year, the company posted $0.97 EPS. The business's revenue for the quarter was up 15.2% compared to the same quarter last year. Research analysts forecast that Spotify Technology S.A. will post 10.3 earnings per share for the current year.
Analyst Ratings Changes
A number of research firms have weighed in on SPOT. Robert W. Baird increased their price target on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Macquarie upped 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. JPMorgan Chase & Co. increased their target price on Spotify Technology from $670.00 to $730.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 4th. UBS Group reissued an "overweight" rating on shares of Spotify Technology in a research report on Friday, June 6th. Finally, Wells Fargo & Company upped their price target on Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a research note on Friday, March 28th. Eight analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $611.14.
Read Our Latest Stock Report on Spotify Technology
About Spotify Technology
(
Free Report)
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.
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