Voloridge Investment Management LLC Acquires 117,163 Shares of Spotify Technology S.A. (NYSE:SPOT)

Voloridge Investment Management LLC grew its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 208.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 173,336 shares of the company's stock after purchasing an additional 117,163 shares during the period. Voloridge Investment Management LLC owned about 0.09% of Spotify Technology worth $77,547,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Auxano Advisors LLC boosted its stake in shares of Spotify Technology by 2.5% in the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company's stock worth $370,000 after buying an additional 20 shares during the last quarter. SRS Capital Advisors Inc. boosted its stake in shares of Spotify Technology by 4.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company's stock worth $256,000 after buying an additional 25 shares during the last quarter. Covenant Partners LLC lifted its position in Spotify Technology by 2.5% during the fourth quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock valued at $458,000 after purchasing an additional 25 shares in the last quarter. First Horizon Advisors Inc. lifted its position in Spotify Technology by 5.4% during the fourth quarter. First Horizon Advisors Inc. now owns 504 shares of the company's stock valued at $225,000 after purchasing an additional 26 shares in the last quarter. Finally, Harbour Investments Inc. lifted its position in Spotify Technology by 13.3% during the fourth quarter. Harbour Investments Inc. now owns 222 shares of the company's stock valued at $99,000 after purchasing an additional 26 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $664.55 on Tuesday. The business's 50 day moving average is $588.18 and its two-hundred day moving average is $536.48. Spotify Technology S.A. has a 1-year low of $288.07 and a 1-year high of $669.00. The stock has a market capitalization of $136.04 billion, a P/E ratio of 111.69 and a beta of 1.72.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data 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). 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 the consensus estimate of $4.22 billion. During the same period in the previous year, the firm earned $0.97 earnings per share. The company's revenue was up 15.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SPOT. Cantor Fitzgerald lowered their target price on Spotify Technology from $600.00 to $520.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Guggenheim lifted their target price on Spotify Technology from $675.00 to $725.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Redburn Atlantic initiated coverage on Spotify Technology in a research report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 target price on the stock. KeyCorp lowered their price objective on Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Finally, Rosenblatt Securities lowered their price objective on Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 30th. Eight research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $606.48.

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.

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