Investment Management Corp of Ontario Buys New Shares in Spotify Technology S.A. (NYSE:SPOT)

Investment Management Corp of Ontario bought a new position in Spotify Technology S.A. (NYSE:SPOT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 4,200 shares of the company's stock, valued at approximately $1,879,000.

Several other large investors have also made changes to their positions in SPOT. Thrivent Financial for Lutherans grew its holdings in Spotify Technology by 566.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after acquiring an additional 6,782 shares during the last quarter. Jennison Associates LLC bought a new stake in Spotify Technology during the 4th quarter worth about $1,335,575,000. Marks Group Wealth Management Inc bought a new stake in Spotify Technology during the 4th quarter worth about $535,000. Patriot Financial Group Insurance Agency LLC bought a new stake in Spotify Technology during the 4th quarter worth about $214,000. Finally, Swedbank AB grew its holdings in Spotify Technology by 20.9% during the 4th quarter. Swedbank AB now owns 946,129 shares of the company's stock worth $423,279,000 after acquiring an additional 163,626 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Canaccord Genuity Group upped their target price on shares of Spotify Technology from $650.00 to $700.00 and gave the company a "buy" rating in a research report on Wednesday, February 5th. The Goldman Sachs Group upped their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the company a "buy" rating in a research report on Thursday, February 6th. Barclays cut 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 report on Wednesday, April 30th. KeyCorp cut their target price on shares of 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, Evercore ISI cut their target price on shares of Spotify Technology from $700.00 to $650.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Eight equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, Spotify Technology has an average rating of "Moderate Buy" and a consensus target price of $606.48.

Spotify Technology Price Performance

Shares of Spotify Technology stock traded up $7.20 on Thursday, hitting $640.43. The company had a trading volume of 1,461,291 shares, compared to its average volume of 2,187,509. The firm has a market capitalization of $131.10 billion, a P/E ratio of 107.64 and a beta of 1.72. Spotify Technology S.A. has a twelve month low of $288.07 and a twelve month high of $663.55. The stock has a 50-day moving average of $579.61 and a 200-day moving average of $528.93.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings results 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). The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. Spotify Technology's revenue was up 15.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.97 earnings per share. Equities analysts predict that Spotify Technology S.A. will post 10.3 EPS for the current year.

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.