Spotify Technology S.A. (NYSE:SPOT) Stake Boosted by Focus Partners Wealth

Focus Partners Wealth increased its position in Spotify Technology S.A. (NYSE:SPOT) by 310.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,543 shares of the company’s stock after acquiring an additional 5,706 shares during the period. Focus Partners Wealth’s holdings in Spotify Technology were worth $3,375,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Emmett Investment Management LP acquired a new position in shares of Spotify Technology in the 4th quarter worth approximately $7,591,000. Ensign Peak Advisors Inc increased its holdings in shares of Spotify Technology by 136.8% during the 4th quarter. Ensign Peak Advisors Inc now owns 22,021 shares of the company’s stock valued at $9,852,000 after acquiring an additional 12,720 shares during the last quarter. Ethic Inc. lifted its stake in shares of Spotify Technology by 5.0% in the fourth quarter. Ethic Inc. now owns 13,979 shares of the company’s stock worth $6,254,000 after buying an additional 672 shares during the last quarter. FACT Capital LP bought a new position in shares of Spotify Technology in the fourth quarter worth about $5,849,000. Finally, Fiduciary Trust Co bought a new position in Spotify Technology during the fourth quarter worth $230,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 1.1%

Shares of Spotify Technology stock opened at $640.43 on Friday. Spotify Technology S.A. has a 1-year low of $288.07 and a 1-year high of $663.55. The company has a market cap of $131.10 billion, a PE ratio of 107.64 and a beta of 1.72. The company has a 50 day moving average of $582.66 and a 200-day moving average of $530.69.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company’s revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.97 EPS. Research analysts forecast 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 subject of a number of analyst reports. Citigroup raised their price objective on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Morgan Stanley lifted their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Redburn Atlantic began coverage on Spotify Technology in a research note on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price objective on the stock. Evercore ISI cut their price target on Spotify Technology from $700.00 to $650.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Finally, Rosenblatt Securities reduced their price target on Spotify Technology from $658.00 to $657.00 and set a “neutral” rating for the company in a research report on Wednesday, April 30th. 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.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $606.48.

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.