Rivermont Capital Management LP Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

Rivermont Capital Management LP bought a new position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 28,100 shares of the company's stock, valued at approximately $12,571,000. Spotify Technology makes up approximately 4.7% of Rivermont Capital Management LP's investment portfolio, making the stock its 12th largest holding.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Auxano Advisors LLC boosted its position in Spotify Technology by 2.5% during the fourth quarter. Auxano Advisors LLC now owns 828 shares of the company's stock valued at $370,000 after purchasing an additional 20 shares during the last quarter. SRS Capital Advisors Inc. raised its stake in Spotify Technology by 4.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company's stock valued at $256,000 after purchasing an additional 25 shares during the last quarter. Covenant Partners LLC grew its position in Spotify Technology by 2.5% during the fourth quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock worth $458,000 after buying an additional 25 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Spotify Technology by 5.4% during the 4th quarter. First Horizon Advisors Inc. now owns 504 shares of the company's stock worth $225,000 after purchasing an additional 26 shares in the last quarter. Finally, Harbour Investments Inc. raised its stake in shares of Spotify Technology by 13.3% in the 4th quarter. Harbour Investments Inc. now owns 222 shares of the company's stock valued at $99,000 after buying an additional 26 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

Shares of Spotify Technology stock traded down $6.96 on Tuesday, hitting $657.66. The company had a trading volume of 773,412 shares, compared to its average volume of 2,474,236. The business has a 50-day simple moving average of $588.18 and a 200-day simple moving average of $536.48. The company has a market cap of $134.63 billion, a PE ratio of 110.43 and a beta of 1.72. Spotify Technology S.A. has a 52 week low of $288.07 and a 52 week high of $669.00.

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 analysts' consensus estimates of $2.29 by ($1.16). The company had revenue of $4.41 billion for 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% on a year-over-year basis. During the same period in the previous year, the firm posted $0.97 earnings per share. On average, equities research analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. KeyCorp dropped their price target on Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Wolfe Research raised Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target for the company in a report on Monday, April 21st. Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $700.00 to $775.00 and gave the stock a "buy" rating in a report on Tuesday. Guggenheim increased their price target on shares of Spotify Technology from $675.00 to $725.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Finally, Loop Capital boosted their price objective on shares of Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research report on Friday, May 2nd. 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.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $609.07.

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.