Fred Alger Management LLC lowered its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 4.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 424,525 shares of the company's stock after selling 18,032 shares during the period. Spotify Technology comprises about 0.9% of Fred Alger Management LLC's investment portfolio, making the stock its 19th biggest holding. Fred Alger Management LLC owned about 0.21% of Spotify Technology worth $189,924,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Auxano Advisors LLC increased its position in Spotify Technology by 2.5% in the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company's stock valued at $370,000 after acquiring an additional 20 shares during the period. SRS Capital Advisors Inc. grew its position in Spotify Technology by 4.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company's stock valued at $256,000 after buying an additional 25 shares in the last quarter. Covenant Partners LLC increased its stake in Spotify Technology by 2.5% during the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock valued at $458,000 after buying an additional 25 shares during the period. First Horizon Advisors Inc. raised its position 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 buying an additional 26 shares in the last quarter. Finally, Harbour Investments Inc. lifted 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 worth $99,000 after acquiring an additional 26 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
SPOT has been the topic of a number of research analyst reports. Redburn Atlantic started coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price objective on the stock. Macquarie boosted their price objective on Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Loop Capital raised their target price on Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a research note on Friday, May 2nd. Guggenheim reiterated a "buy" rating and issued a $675.00 price target on shares of Spotify Technology in a research report on Monday, February 24th. Finally, FBN Securities assumed coverage on shares of Spotify Technology in a research report on Friday, March 28th. They set a "sector perform" rating and a $645.00 price objective for the company. Eight research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $604.76.
Read Our Latest Analysis on SPOT
Spotify Technology Stock Performance
Shares of SPOT stock opened at $657.35 on Thursday. Spotify Technology S.A. has a 52 week low of $286.21 and a 52 week high of $668.03. The stock has a market capitalization of $134.56 billion, a PE ratio of 110.48 and a beta of 1.72. The stock's fifty day moving average is $572.96 and its 200-day moving average is $520.19.
Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same period last year, the business posted $0.97 EPS. The firm's revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, analysts forecast that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.
Spotify Technology Company Profile
(
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.
Further Reading
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