Spotify Technology (NYSE:SPOT) Shares Bought by Trillium Asset Management LLC

Key Points

• Trillium Asset Management LLC increased its stake in Spotify Technology by 50.8%, owning approximately 80,665 shares valued at $44.37 million as of the latest SEC filing.
• Spotify's stock currently trades at around $689.76 with a market capitalization of $141.20 billion, despite reporting a loss of ($0.42) EPS for the last quarter.
• Research ratings for Spotify Technology show strong analyst interest, with 20 buy ratings and an average price target of $718.90, suggesting ongoing optimism for the stock.

Trillium Asset Management LLC grew its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 50.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 80,665 shares of the company's stock after acquiring an additional 27,175 shares during the period. Spotify Technology accounts for 1.3% of Trillium Asset Management LLC's portfolio, making the stock its 15th largest holding. Trillium Asset Management LLC's holdings in Spotify Technology were worth $44,368,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Meridian Wealth Management LLC purchased a new position in Spotify Technology during the first quarter valued at $239,000. Independent Advisor Alliance raised its position in shares of Spotify Technology by 7.4% during the 1st quarter. Independent Advisor Alliance now owns 10,615 shares of the company's stock valued at $5,839,000 after buying an additional 728 shares in the last quarter. SouthState Corp purchased a new stake in shares of Spotify Technology during the 1st quarter valued at about $39,000. Nuveen LLC purchased a new stake in shares of Spotify Technology during the 1st quarter valued at about $383,139,000. Finally, Aigen Investment Management LP purchased a new stake in shares of Spotify Technology during the 1st quarter valued at about $546,000. 84.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on SPOT. Bank of America increased their price objective on shares of Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. The Goldman Sachs Group raised their target price on shares of Spotify Technology from $680.00 to $775.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Morgan Stanley dropped their price objective on shares of Spotify Technology from $850.00 to $800.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective on the stock in a research note on Monday, April 21st. Finally, Phillip Securities upgraded shares of Spotify Technology from a "moderate sell" rating to a "hold" rating in a research note on Monday, August 4th. Ten investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Stock Up 4.8%

Shares of NYSE SPOT traded up $33.24 during trading on Friday, hitting $731.74. The company had a trading volume of 3,002,279 shares, compared to its average volume of 2,323,461. The stock has a fifty day simple moving average of $702.88 and a two-hundred day simple moving average of $635.18. Spotify Technology has a fifty-two week low of $319.07 and a fifty-two week high of $785.00. The firm has a market capitalization of $149.79 billion, a price-to-earnings ratio of 177.61, a price-to-earnings-growth ratio of 3.01 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The company had revenue of $4.94 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same quarter last year, the business earned $1.33 EPS. The firm's revenue for the quarter was up 10.1% compared to the same quarter last year. On average, analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current 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.