Whittier Trust Co. boosted its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 11.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,523 shares of the company's stock after buying an additional 370 shares during the period. Whittier Trust Co.'s holdings in Spotify Technology were worth $1,938,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of SPOT. Cornerstone Planning Group LLC increased its position in shares of Spotify Technology by 512.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after purchasing an additional 41 shares in the last quarter. Tsfg LLC bought a new stake in Spotify Technology during the first quarter worth about $28,000. North Star Investment Management Corp. increased its holdings in shares of Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after buying an additional 19 shares in the last quarter. Mpwm Advisory Solutions LLC bought a new position in shares of Spotify Technology in the fourth quarter valued at approximately $26,000. Finally, Hillsdale Investment Management Inc. bought a new position in shares of Spotify Technology in the fourth quarter valued at approximately $27,000. Institutional investors own 84.09% of the company's stock.
Wall Street Analysts Forecast Growth
SPOT has been the subject of a number of recent analyst reports. Canaccord Genuity Group raised their price target on Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Wells Fargo & Company raised their target price on Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research note on Friday, March 28th. JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $730.00 to $780.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. Cantor Fitzgerald increased their price objective on shares of Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a report on Wednesday, June 18th. Finally, The Goldman Sachs Group boosted their target price on shares of Spotify Technology from $680.00 to $775.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $701.31.
Check Out Our Latest Stock Analysis on SPOT
Spotify Technology Trading Down 3.6%
Shares of NYSE SPOT traded down $26.01 during mid-day trading on Friday, hitting $694.90. The company had a trading volume of 2,148,692 shares, compared to its average volume of 2,220,527. The firm has a 50-day simple moving average of $696.06 and a two-hundred day simple moving average of $609.71. The company has a market capitalization of $142.25 billion, a PE ratio of 115.24, a price-to-earnings-growth ratio of 1.92 and a beta of 1.68. Spotify Technology has a one year low of $290.13 and a one year high of $785.00.
Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates 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. Spotify Technology's quarterly revenue was up 15.2% compared to the same quarter last year. Sell-side analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.
Spotify Technology Profile
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Free Report)
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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