Spotify Technology (NYSE:SPOT) Shares Bought by Steadview Capital Management LLC

Steadview Capital Management LLC increased its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 32.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 62,100 shares of the company's stock after purchasing an additional 15,250 shares during the quarter. Spotify Technology accounts for approximately 7.4% of Steadview Capital Management LLC's 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 SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of SPOT. Cornerstone Planning Group LLC raised its holdings 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 buying an additional 41 shares during the period. Tsfg LLC acquired a new position in Spotify Technology in the 1st quarter valued at about $28,000. North Star Investment Management Corp. grew its position in 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 in the last quarter. Mpwm Advisory Solutions LLC purchased a new stake in Spotify Technology during the fourth quarter worth about $26,000. Finally, Hillsdale Investment Management Inc. acquired a new stake in shares of Spotify Technology during the fourth quarter worth about $27,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Down 1.8%

NYSE:SPOT traded down $12.77 during mid-day trading on Thursday, reaching $709.35. 1,337,466 shares of the stock were exchanged, compared to its average volume of 2,222,215. The stock has a market capitalization of $145.21 billion, a P/E ratio of 119.75, a P/E/G ratio of 1.90 and a beta of 1.68. Spotify Technology has a 1 year low of $288.07 and a 1 year high of $785.00. The company has a 50 day simple moving average of $686.31 and a 200-day simple moving average of $597.48.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on SPOT shares. DZ Bank downgraded shares of Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a research note on Friday, June 13th. KeyCorp cut their price objective on Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Loop Capital lifted their target price on Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a report on Friday, May 2nd. 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 report on Friday, March 28th. Finally, Cantor Fitzgerald lifted their price objective on Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $681.27.

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.