Westfield Capital Management Co. LP Takes Position in Spotify Technology (NYSE:SPOT)

Key Points

• Westfield Capital Management Co. LP has acquired 74,210 shares of Spotify Technology (NYSE:SPOT), valued at approximately $40.8 million, marking a new investment for the company.
• Spotify's stock recently increased by 5.3%, and the company has a market cap of $135.18 billion, with a PE ratio of 160.28.
• Despite missing EPS expectations with a reported loss of ($0.42) per share, Spotify's revenue for the quarter was up 10.1% year-over-year, totaling $4.94 billion.

Westfield Capital Management Co. LP acquired a new position in Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The fund acquired 74,210 shares of the company's stock, valued at approximately $40,818,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Jennison Associates LLC increased its stake in shares of Spotify Technology by 42.3% during the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock valued at $2,336,494,000 after acquiring an additional 1,262,614 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Spotify Technology by 3.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock valued at $1,939,949,000 after acquiring an additional 112,553 shares during the last quarter. FMR LLC increased its stake in shares of Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after acquiring an additional 473,569 shares during the last quarter. Northern Trust Corp increased its stake in shares of Spotify Technology by 103.7% during the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock valued at $638,367,000 after acquiring an additional 726,245 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in shares of Spotify Technology by 325.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock valued at $503,316,000 after acquiring an additional 861,232 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SPOT shares. Rosenblatt Securities dropped their price objective on shares of Spotify Technology from $703.00 to $679.00 and set a "neutral" rating for the company in a research note on Wednesday, July 30th. Morgan Stanley dropped their target price on shares of Spotify Technology from $850.00 to $800.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Barclays dropped their target price on shares of Spotify Technology from $800.00 to $750.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Bank of America increased their target price 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. Finally, Wells Fargo & Company increased their target price on shares of Spotify Technology from $740.00 to $750.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Ten analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Trading Up 3.1%

NYSE SPOT traded up $20.64 during trading on Thursday, reaching $687.45. 2,441,891 shares of the company's stock were exchanged, compared to its average volume of 2,685,037. 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 $140.73 billion, a PE ratio of 166.86, a P/E/G ratio of 2.89 and a beta of 1.69. The company's fifty day simple moving average is $700.75 and its 200-day simple moving average is $627.08.

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

Spotify Technology 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.