Victory Capital Management Inc. Boosts Position in Spotify Technology (NYSE:SPOT)

Victory Capital Management Inc. increased its stake in Spotify Technology (NYSE:SPOT - Free Report) by 44.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 64,258 shares of the company's stock after buying an additional 19,647 shares during the period. Victory Capital Management Inc.'s holdings in Spotify Technology were worth $35,344,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Mpwm Advisory Solutions LLC bought a new position in Spotify Technology during the 4th quarter worth about $26,000. Hillsdale Investment Management Inc. bought a new stake in shares of Spotify Technology in the 4th quarter valued at about $27,000. Tsfg LLC bought a new stake in shares of Spotify Technology in the 1st quarter valued at about $28,000. Copia Wealth Management bought a new stake in shares of Spotify Technology in the 4th quarter valued at about $29,000. Finally, Cornerstone Planning Group LLC boosted 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 in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Down 3.6%

Shares of SPOT opened at $694.90 on Monday. Spotify Technology has a 52-week low of $290.13 and a 52-week high of $785.00. The firm's fifty day moving average is $696.06 and its two-hundred day moving average is $611.91. The stock has a market cap of $142.25 billion, a PE ratio of 115.24, a price-to-earnings-growth ratio of 1.85 and a beta of 1.68.

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). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same period last year, the firm earned $0.97 EPS. The company's revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

Analysts Set New Price Targets

SPOT has been the topic of a number of recent analyst reports. Sanford C. Bernstein raised their price target on shares of Spotify Technology from $825.00 to $840.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. UBS Group raised their price target on shares of Spotify Technology from $680.00 to $895.00 and gave the company a "buy" rating in a report on Friday, June 27th. JPMorgan Chase & Co. raised their price target on shares of Spotify Technology from $730.00 to $780.00 and gave the company an "overweight" rating in a report on Friday, July 11th. Benchmark raised their price target on shares of Spotify Technology from $700.00 to $840.00 and gave the company a "buy" rating in a report on Thursday, July 10th. Finally, Loop Capital increased their price objective on shares of Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a research report on Friday, May 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $701.31.

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.

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