Stevens Capital Management LP Takes Position in Spotify Technology (NYSE:SPOT)

Key Points

• Stevens Capital Management LP acquired 415 shares of Spotify Technology during Q1, valued at approximately $228,000, as reported in a 13F filing with the SEC.
• Spotify's recent earnings report showed a miss on EPS expectations, reporting $1.13 instead of the anticipated $2.29, although revenue increased 15.2% year-over-year to $4.41 billion.
• Various institutional investors have increased their stakes in Spotify, with overall institutional ownership reaching 84.09% of the company’s stock.

Stevens Capital Management LP acquired a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 415 shares of the company's stock, valued at approximately $228,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Mpwm Advisory Solutions LLC purchased a new stake in shares of Spotify Technology during the fourth quarter valued at $26,000. Tsfg LLC bought a new stake in shares of Spotify Technology in the first quarter worth approximately $28,000. Copia Wealth Management bought a new stake in shares of Spotify Technology in the fourth quarter worth approximately $29,000. Cornerstone Planning Group LLC grew its position in Spotify Technology by 512.5% during the first 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. Finally, North Star Investment Management Corp. raised its position in Spotify Technology by 52.8% in the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after acquiring an additional 19 shares during the period. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Trading Up 2.2%

Shares of SPOT stock traded up $13.81 during trading hours on Wednesday, reaching $633.82. 2,620,935 shares of the stock were exchanged, compared to its average volume of 2,308,335. The firm has a market capitalization of $129.75 billion, a price-to-earnings ratio of 105.39, a price-to-earnings-growth ratio of 1.89 and a beta of 1.68. Spotify Technology has a 12-month low of $300.57 and a 12-month high of $785.00. The company's 50-day moving average price is $701.34 and its 200-day moving average price is $621.08.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). The business had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The firm's quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.97 EPS. On average, sell-side analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. UBS Group reduced their price objective on Spotify Technology from $895.00 to $850.00 and set a "buy" rating for the company in a research note on Wednesday. Robert W. Baird raised their target price on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Wells Fargo & Company upped their price target on shares of Spotify Technology from $740.00 to $750.00 and gave the stock an "overweight" rating in a research report on Tuesday. Macquarie lifted their target price on shares of Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. Finally, Canaccord Genuity Group raised their price target on Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Nine research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. Based on data from MarketBeat, Spotify Technology has an average rating of "Moderate Buy" and an average target price of $722.23.

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.