Nicholas Investment Partners LP Buys 7,616 Shares of Spotify Technology S.A. (NYSE:SPOT)

Nicholas Investment Partners LP increased its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 703.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,699 shares of the company's stock after purchasing an additional 7,616 shares during the period. Nicholas Investment Partners LP's holdings in Spotify Technology were worth $3,892,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Citigroup raised their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a "neutral" rating in a research report on Friday, February 14th. Phillip Securities upgraded shares of Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. China Renaissance assumed coverage on shares of Spotify Technology in a research report on Wednesday, March 26th. They set a "buy" rating and a $740.00 target price on the stock. Evercore ISI lowered 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. Finally, Cantor Fitzgerald lowered their target price on shares of Spotify Technology from $600.00 to $520.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Eight investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $606.48.

Spotify Technology Stock Performance

Shares of NYSE:SPOT traded up $4.25 during midday trading on Monday, reaching $660.55. The company's stock had a trading volume of 975,481 shares, compared to its average volume of 2,192,302. The firm has a 50 day moving average price of $585.62 and a two-hundred day moving average price of $534.52. Spotify Technology S.A. has a fifty-two week low of $288.07 and a fifty-two week high of $668.39. The firm has a market capitalization of $135.22 billion, a price-to-earnings ratio of 110.92 and a beta of 1.72.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued 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 return on equity of 25.56% and a net margin of 7.26%. The business's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period last year, the company earned $0.97 earnings per share. As a group, research analysts anticipate that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Spotify Technology 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.