Sequoia Financial Advisors LLC Takes Position in Spotify Technology S.A. (NYSE:SPOT)

Sequoia Financial Advisors LLC acquired a new stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 3,769 shares of the company's stock, valued at approximately $708,000.

A number of other hedge funds also recently made changes to their positions in the business. RFG Advisory LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at $223,000. Pinnacle Bancorp Inc. acquired a new position in shares of Spotify Technology in the 4th quarter valued at $29,000. International Assets Investment Management LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at $32,944,000. Bleakley Financial Group LLC raised its stake in shares of Spotify Technology by 15.2% in the 4th quarter. Bleakley Financial Group LLC now owns 1,550 shares of the company's stock valued at $291,000 after buying an additional 204 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of Spotify Technology by 7.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 25,143 shares of the company's stock valued at $4,725,000 after buying an additional 1,693 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Stock Up 2.6 %

Spotify Technology stock traded up $7.56 during midday trading on Tuesday, hitting $298.09. 1,584,822 shares of the stock were exchanged, compared to its average volume of 1,910,975. The company has a fifty day simple moving average of $262.87 and a two-hundred day simple moving average of $211.24. Spotify Technology S.A. has a 52 week low of $128.67 and a 52 week high of $313.16. The stock has a market capitalization of $59.12 billion, a PE ratio of -98.15 and a beta of 1.63.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.37) by $0.01. The firm had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The business's quarterly revenue was up 16.0% on a year-over-year basis. During the same period last year, the company posted ($1.43) EPS. As a group, equities research analysts anticipate that Spotify Technology S.A. will post 3.55 EPS for the current fiscal year.

Analysts Set New Price Targets

SPOT has been the subject of a number of recent analyst reports. Wells Fargo & Company increased their target price on shares of Spotify Technology from $250.00 to $280.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 31st. Macquarie reiterated an "outperform" rating and set a $300.00 target price (up previously from $232.00) on shares of Spotify Technology in a research report on Wednesday, February 7th. HSBC initiated coverage on shares of Spotify Technology in a research report on Wednesday, March 27th. They set a "buy" rating and a $310.00 target price for the company. Rosenblatt Securities increased their target price on shares of Spotify Technology from $300.00 to $315.00 and gave the stock a "buy" rating in a research report on Wednesday, February 7th. Finally, Pivotal Research increased their target price on shares of Spotify Technology from $330.00 to $390.00 and gave the stock a "buy" rating in a research report on Friday, April 5th. Six equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $254.16.

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.