Driehaus Capital Management LLC Has $1.02 Million Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Driehaus Capital Management LLC lessened its position in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 30.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,281 shares of the company's stock after selling 1,002 shares during the period. Driehaus Capital Management LLC's holdings in Spotify Technology were worth $1,020,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of SPOT. Thrivent Financial for Lutherans raised its stake in Spotify Technology by 566.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after purchasing an additional 6,782 shares in the last quarter. Jennison Associates LLC acquired a new stake in Spotify Technology in the 4th quarter worth about $1,335,575,000. Marks Group Wealth Management Inc acquired a new stake in Spotify Technology in the 4th quarter worth about $535,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in Spotify Technology in the 4th quarter worth about $214,000. Finally, Swedbank AB raised its stake in Spotify Technology by 20.9% in the 4th quarter. Swedbank AB now owns 946,129 shares of the company's stock worth $423,279,000 after purchasing an additional 163,626 shares in the last quarter. Institutional investors own 84.09% of the company's stock.

Spotify Technology Price Performance

Shares of Spotify Technology stock traded up $6.20 during trading on Wednesday, reaching $626.27. 2,292,195 shares of the company traded hands, compared to its average volume of 2,190,507. Spotify Technology S.A. has a 1-year low of $288.07 and a 1-year high of $663.55. The company has a 50 day moving average price of $577.70 and a 200-day moving average price of $528.25. The firm has a market capitalization of $128.20 billion, a PE ratio of 105.26 and a beta of 1.72.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the previous year, the firm earned $0.97 EPS. The firm's revenue was up 15.2% on a year-over-year basis. Equities research analysts expect that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Analysts Set New Price Targets

SPOT has been the topic of several recent analyst reports. Guggenheim raised their target price on shares of Spotify Technology from $675.00 to $725.00 and gave the company a "buy" rating in a report on Monday. FBN Securities initiated coverage on shares of Spotify Technology in a research note on Friday, March 28th. They set a "sector perform" rating and a $645.00 target price on the stock. Loop Capital increased their price target on Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a research note on Friday, May 2nd. Barclays cut their price objective on Spotify Technology from $710.00 to $650.00 and set an "overweight" rating on the stock in a report on Wednesday, April 30th. Finally, China Renaissance initiated coverage on Spotify Technology in a report on Wednesday, March 26th. They issued a "buy" rating and a $740.00 target price for the company. Eight analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $606.48.

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.