Steadview Capital Management LLC Has $34.16 Million Holdings in Spotify Technology (NYSE:SPOT)

Steadview Capital Management LLC boosted its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 32.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 62,100 shares of the company's stock after purchasing an additional 15,250 shares during the period. Spotify Technology comprises about 7.4% of Steadview Capital Management LLC's investment portfolio, making the stock its 7th biggest position. Steadview Capital Management LLC's holdings in Spotify Technology were worth $34,157,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Thrivent Financial for Lutherans lifted its position in Spotify Technology by 566.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock valued at $3,541,000 after purchasing an additional 6,782 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its position in Spotify Technology by 18.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 22,598 shares of the company's stock valued at $10,110,000 after purchasing an additional 3,536 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Spotify Technology by 108.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 150,804 shares of the company's stock valued at $67,467,000 after acquiring an additional 78,499 shares in the last quarter. QRG Capital Management Inc. lifted its position in shares of Spotify Technology by 36.3% in the first quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock valued at $391,000 after acquiring an additional 189 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its position in shares of Spotify Technology by 16.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock valued at $4,699,000 after acquiring an additional 1,179 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on SPOT shares. JPMorgan Chase & Co. boosted their price objective on Spotify Technology from $670.00 to $730.00 and gave the company an "overweight" rating in a research report on Wednesday, June 4th. China Renaissance started coverage on Spotify Technology in a research report on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price objective on the stock. Phillip Securities upgraded Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. Canaccord Genuity Group boosted their target price on Spotify Technology from $775.00 to $850.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Finally, Sanford C. Bernstein boosted their target price on Spotify Technology from $825.00 to $840.00 and gave the stock an "outperform" rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of "Moderate Buy" and a consensus price target of $675.27.

Spotify Technology Stock Performance

SPOT opened at $721.25 on Thursday. The stock has a market cap of $147.64 billion, a price-to-earnings ratio of 119.61, a P/E/G ratio of 1.90 and a beta of 1.68. The stock's 50 day moving average price is $686.31 and its 200-day moving average price is $597.48. Spotify Technology has a one year low of $288.07 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The company's quarterly revenue was up 15.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.97 EPS. As a group, analysts predict that Spotify Technology will post 10.3 earnings per share 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.

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