Ethic Inc. Boosts Holdings in Spotify Technology S.A. (NYSE:SPOT)

Ethic Inc. lifted its position in Spotify Technology S.A. (NYSE:SPOT) by 5.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,979 shares of the company’s stock after purchasing an additional 672 shares during the quarter. Ethic Inc.’s holdings in Spotify Technology were worth $6,254,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in SPOT. Hillsdale Investment Management Inc. purchased a new stake in shares of Spotify Technology in the 4th quarter valued at about $27,000. Quent Capital LLC raised its stake in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after purchasing an additional 57 shares in the last quarter. Noble Wealth Management PBC bought a new stake in Spotify Technology during the fourth quarter valued at approximately $52,000. Colonial Trust Co SC lifted its position in Spotify Technology by 1,009.1% during the fourth quarter. Colonial Trust Co SC now owns 122 shares of the company’s stock valued at $55,000 after purchasing an additional 111 shares during the last quarter. Finally, Strategic Financial Concepts LLC bought a new position in shares of Spotify Technology in the 4th quarter worth $56,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SPOT shares. China Renaissance began coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They set a “buy” rating and a $740.00 price objective for the company. Benchmark upped their price objective on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Rosenblatt Securities reduced their price objective on Spotify Technology from $658.00 to $657.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 30th. FBN Securities initiated coverage on Spotify Technology in a research report on Friday, March 28th. They issued a “sector perform” rating and a $645.00 target price for the company. Finally, Loop Capital increased their price target on shares of Spotify Technology from $435.00 to $550.00 and gave the company a “hold” rating in a research report on Friday, May 2nd. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $604.76.

Spotify Technology Trading Down 1.0 %

NYSE:SPOT opened at $648.97 on Friday. The company has a 50-day moving average price of $575.47 and a 200-day moving average price of $523.89. The stock has a market cap of $132.85 billion, a price-to-earnings ratio of 109.07 and a beta of 1.72. Spotify Technology S.A. has a 12 month low of $286.21 and a 12 month high of $663.55.

Spotify Technology (NYSE:SPOT) 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). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. During the same quarter last year, the business earned $0.97 earnings per share. The business’s quarterly revenue was up 15.2% on a year-over-year basis. Equities analysts forecast that Spotify Technology S.A. will post 10.3 EPS for the current fiscal year.

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.