Spotify Technology $SPOT Shares Purchased by Korea Investment CORP

Key Points

• Korea Investment CORP increased its holdings in Spotify Technology by 4.0% during the 1st quarter, acquiring an additional 4,708 shares and reaching a total value of $66.9 million.
• Spotify reported a net loss of ($0.42) earnings per share for the last quarter, missing estimates significantly despite revenue of $4.94 billion, which exceeded predictions.
• Current stock analysis shows Spotify Technology has an average rating of "Moderate Buy" with an average price target of $720.07 from various analysts.

Korea Investment CORP lifted its position in Spotify Technology (NYSE:SPOT - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 121,623 shares of the company's stock after acquiring an additional 4,708 shares during the period. Korea Investment CORP owned 0.06% of Spotify Technology worth $66,896,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in SPOT. Mpwm Advisory Solutions LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at $26,000. Tsfg LLC acquired a new position in shares of Spotify Technology in the 1st quarter valued at $28,000. Copia Wealth Management acquired a new position in shares of Spotify Technology in the 4th quarter valued at $29,000. Cornerstone Planning Group LLC increased its position in shares of Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after acquiring an additional 41 shares during the period. Finally, North Star Investment Management Corp. increased its position in shares of Spotify Technology by 52.8% in the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after acquiring an additional 19 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Trading Down 0.6%

SPOT stock opened at $728.06 on Tuesday. Spotify Technology has a 12-month low of $319.07 and a 12-month high of $785.00. The stock has a market cap of $149.04 billion, a price-to-earnings ratio of 176.71, a PEG ratio of 3.17 and a beta of 1.69. The business's 50-day moving average is $703.85 and its 200 day moving average is $639.09.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The firm had revenue of $4.94 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the previous year, the firm posted $1.33 earnings per share. The company's quarterly revenue was up 10.1% on a year-over-year basis. As a group, equities analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of recent research reports. KeyCorp reduced their price objective on Spotify Technology from $860.00 to $830.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Wolfe Research upgraded Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective for the company in a research note on Monday, April 21st. Guggenheim lifted their price objective on Spotify Technology from $800.00 to $850.00 and gave the company a "buy" rating in a research note on Monday. Phillip Securities upgraded Spotify Technology from a "moderate sell" rating to a "hold" rating in a research note on Monday, August 4th. Finally, Barclays reduced their price objective on Spotify Technology from $800.00 to $750.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Ten analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $720.07.

Spotify Technology Company 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.

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