Versant Capital Management Inc Purchases 505 Shares of Spotify Technology S.A. (NYSE:SPOT)

Versant Capital Management Inc grew its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 336.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 655 shares of the company's stock after acquiring an additional 505 shares during the period. Versant Capital Management Inc's holdings in Spotify Technology were worth $360,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Jennison Associates LLC bought a new position in Spotify Technology during the fourth quarter worth $1,335,575,000. GQG Partners LLC bought a new position in Spotify Technology during the fourth quarter worth $800,725,000. Geode Capital Management LLC raised its stake in Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after buying an additional 1,259,183 shares during the last quarter. Norges Bank bought a new position in Spotify Technology during the fourth quarter worth $396,028,000. Finally, Janus Henderson Group PLC raised its stake in Spotify Technology by 325.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock worth $503,316,000 after buying an additional 861,232 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on SPOT shares. China Renaissance began coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They set a "buy" rating and a $740.00 target price for the company. Citigroup lifted their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the company a "neutral" rating in a research note on Friday, February 14th. JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $640.00 to $670.00 and gave the company an "overweight" rating in a research note on Wednesday, April 30th. Morgan Stanley lifted their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the company an "overweight" rating in a research note on Wednesday, February 5th. Finally, Redburn Atlantic began coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price target for the company. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $609.07.

Spotify Technology Trading Down 0.2%

Shares of SPOT stock traded down $1.11 during trading hours on Tuesday, hitting $670.89. 1,466,204 shares of the company were exchanged, compared to its average volume of 2,439,524. The firm has a fifty day simple moving average of $601.82 and a 200 day simple moving average of $552.95. Spotify Technology S.A. has a 52-week low of $288.07 and a 52-week high of $678.57. The stock has a market capitalization of $137.34 billion, a price-to-earnings ratio of 112.76 and a beta of 1.72.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly 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). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter in the previous year, the business earned $0.97 EPS. The company's revenue for the quarter was up 15.2% on a year-over-year basis. Sell-side analysts anticipate that Spotify Technology S.A. will post 10.3 EPS for the current year.

Spotify Technology Company Profile

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.