Northern Trust Corp lifted its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 10.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,574,482 shares of the company's stock after acquiring an additional 147,580 shares during the quarter. Northern Trust Corp owned about 0.77% of Spotify Technology worth $866,012,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPOT. Goldman Sachs Group Inc. increased its holdings in shares of Spotify Technology by 1,151.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock valued at $957,494,000 after purchasing an additional 1,601,653 shares during the period. Jennison Associates LLC raised its stake in shares of Spotify Technology by 42.3% during the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock worth $2,336,494,000 after purchasing an additional 1,262,614 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Spotify Technology by 325.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock valued at $503,316,000 after buying an additional 861,232 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Spotify Technology by 75,856.5% during the 1st quarter. GAMMA Investing LLC now owns 717,789 shares of the company's stock valued at $394,805,000 after purchasing an additional 716,844 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of Spotify Technology during the 1st quarter worth about $383,139,000. Institutional investors own 84.09% of the company's stock.
Spotify Technology Stock Performance
Shares of SPOT opened at $728.06 on Tuesday. The stock has a 50 day moving average price of $703.85 and a 200 day moving average price of $639.09. The stock has a market capitalization of $149.04 billion, a price-to-earnings ratio of 176.71, a PEG ratio of 3.17 and a beta of 1.69. Spotify Technology has a one year low of $319.07 and a one year high of $785.00.
Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). The company had revenue of $4.94 billion for the quarter, compared to analyst estimates of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. Spotify Technology's revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.33 earnings per share. On average, analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on SPOT shares. Cantor Fitzgerald increased their target price on shares of Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. Guggenheim boosted their target price on shares of Spotify Technology from $800.00 to $850.00 and gave the stock a "buy" rating in a research note on Monday. JPMorgan Chase & Co. raised their price target on Spotify Technology from $730.00 to $780.00 and gave the company an "overweight" rating in a report on Friday, July 11th. The Goldman Sachs Group raised their price target on Spotify Technology from $680.00 to $775.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Finally, Evercore ISI lifted their price objective on Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a report on Monday, June 16th. Ten research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $720.07.
Read Our Latest Analysis on SPOT
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.
Further Reading
Want to see what other hedge funds are holding SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spotify Technology (NYSE:SPOT - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Spotify Technology, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Spotify Technology wasn't on the list.
While Spotify Technology currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
We are about to experience the greatest A.I. boom in stock market history...
Thanks to a pivotal economic catalyst, specific tech stocks will skyrocket just like they did during the "dot com" boom in the 1990s.
That’s why, we’ve hand-selected 7 tiny tech disruptor stocks positioned to surge.
- The first pick is a tiny under-the-radar A.I. stock that's trading for just $3.00. This company already has 98 registered patents for cutting-edge voice and sound recognition technology... And has lined up major partnerships with some of the biggest names in the auto, tech, and music industry... plus many more.
- The second pick presents an affordable avenue to bolster EVs and AI development…. Analysts are calling this stock a “buy” right now and predict a high price target of $19.20, substantially more than its current $6 trading price.
- Our final and favorite pick is generating a brand-new kind of AI. It's believed this tech will be bigger than the current well-known leader in this industry… Analysts predict this innovative tech is gearing up to create a tidal wave of new wealth, fueling a $15.7 TRILLION market boom.
Right now, we’re staring down the barrel of a true once-in-a-lifetime moment. As an investment opportunity, this kind of breakthrough doesn't come along every day.
And the window to get in on the ground-floor — maximizing profit potential from this expected market surge — is closing quickly...
Simply enter your email below to get the names and tickers of the 7 small stocks with potential to make investors very, very happy.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
MarketBeat All Access