22,400 Shares in Spotify Technology S.A. (NYSE:SPOT) Acquired by Freestone Grove Partners LP

Freestone Grove Partners LP acquired a new stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 22,400 shares of the company's stock, valued at approximately $10,021,000.

A number of other hedge funds also recently made changes to their positions in SPOT. Hillsdale Investment Management Inc. bought a new position in shares of Spotify Technology during the 4th quarter valued at approximately $27,000. Quent Capital LLC lifted its position in Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company's stock valued at $44,000 after purchasing an additional 57 shares during the last quarter. Noble Wealth Management PBC bought a new stake in shares of Spotify Technology in the 4th quarter worth about $52,000. Larson Financial Group LLC raised its position in shares of Spotify Technology by 48.5% during the 4th quarter. Larson Financial Group LLC now owns 144 shares of the company's stock valued at $64,000 after buying an additional 47 shares in the last quarter. Finally, Versant Capital Management Inc lifted its holdings in shares of Spotify Technology by 89.9% in the 4th quarter. Versant Capital Management Inc now owns 150 shares of the company's stock valued at $67,000 after acquiring an additional 71 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

NYSE:SPOT traded down $6.51 during mid-day trading on Monday, hitting $637.49. 1,718,497 shares of the company's stock traded hands, compared to its average volume of 2,162,954. The company has a market capitalization of $130.50 billion, a P/E ratio of 107.14 and a beta of 1.72. The company has a fifty day moving average of $570.40 and a 200 day moving average of $516.62. Spotify Technology S.A. has a twelve month low of $286.21 and a twelve month high of $653.32.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). The company had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The business's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.97 earnings per share. On average, research analysts expect that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. China Renaissance assumed coverage on Spotify Technology in a research note on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price objective for the company. Citigroup lifted their price objective on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a "neutral" rating in a research note on Friday, February 14th. Barclays reduced their target price on shares of Spotify Technology from $710.00 to $650.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. Benchmark lifted their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a "buy" rating in a research note on Wednesday, February 5th. Finally, Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Eight research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and an average target price of $604.76.

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.