Steadview Capital Management LLC lifted its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 32.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 62,100 shares of the company's stock after acquiring an additional 15,250 shares during the period. Spotify Technology accounts for about 7.4% of Steadview Capital Management LLC's portfolio, making the stock its 7th largest position. Steadview Capital Management LLC's holdings in Spotify Technology were worth $34,157,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently modified their holdings of the stock. Mpwm Advisory Solutions LLC acquired a new stake in shares of Spotify Technology in the 4th quarter worth about $26,000. Hillsdale Investment Management Inc. purchased a new position in Spotify Technology during the 4th quarter worth $27,000. Tsfg LLC purchased a new position in Spotify Technology during the 1st quarter worth $28,000. Copia Wealth Management purchased a new position in Spotify Technology during the 4th quarter worth $29,000. Finally, Cornerstone Planning Group LLC boosted its holdings in Spotify Technology by 512.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after acquiring an additional 41 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.
Analysts Set New Price Targets
A number of brokerages recently commented on SPOT. Macquarie increased their price target on Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Bank of America lifted their price objective on Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Barclays increased their target price on Spotify Technology from $650.00 to $800.00 and gave the stock an "overweight" rating in a research report on Wednesday. Wells Fargo & Company increased their target price on Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a research report on Friday, March 28th. Finally, Morgan Stanley boosted their price objective on shares of Spotify Technology from $700.00 to $850.00 and gave the company an "overweight" rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $690.77.
Check Out Our Latest Report on Spotify Technology
Spotify Technology Trading Down 0.4%
Spotify Technology stock traded down $2.66 on Friday, hitting $707.29. 861,161 shares of the stock traded hands, compared to its average volume of 2,216,903. The firm has a market cap of $144.79 billion, a P/E ratio of 117.35, a price-to-earnings-growth ratio of 1.90 and a beta of 1.68. The business's fifty day simple moving average is $688.46 and its 200 day simple moving average is $599.23. Spotify Technology has a 1 year low of $288.07 and a 1 year high of $785.00.
Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business's quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.97 EPS. As a group, analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.
Spotify Technology Profile
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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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