Quantinno Capital Management LP Raises Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Quantinno Capital Management LP raised its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 20.4% during the fourth quarter, Holdings Channel reports. The firm owned 11,439 shares of the company’s stock after buying an additional 1,939 shares during the quarter. Quantinno Capital Management LP’s holdings in Spotify Technology were worth $5,118,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Hillsdale Investment Management Inc. purchased a new stake in shares of Spotify Technology in the 4th quarter worth about $27,000. Quent Capital LLC grew its position in shares of Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after buying an additional 57 shares during the period. Noble Wealth Management PBC purchased a new stake in shares of Spotify Technology in the 4th quarter worth about $52,000. Colonial Trust Co SC grew its position in shares of Spotify Technology by 1,009.1% in the 4th quarter. Colonial Trust Co SC now owns 122 shares of the company’s stock worth $55,000 after buying an additional 111 shares during the period. Finally, Strategic Financial Concepts LLC purchased a new stake in shares of Spotify Technology in the 4th quarter worth about $56,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Canaccord Genuity Group upped their target price on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Robert W. Baird increased their price objective on shares of Spotify Technology from $700.00 to $730.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. Evercore ISI cut their price objective 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. Rosenblatt Securities cut their price objective on shares of Spotify Technology from $658.00 to $657.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 30th. Finally, Loop Capital increased their price objective 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 equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $606.48.

Spotify Technology Stock Up 2.5%

Shares of NYSE:SPOT opened at $656.02 on Friday. The firm’s 50 day moving average price is $585.62 and its 200-day moving average price is $533.48. Spotify Technology S.A. has a twelve month low of $288.07 and a twelve month high of $663.55. The stock has a market capitalization of $134.29 billion, a PE ratio of 110.26 and a beta of 1.72.

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 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 business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter last year, the company earned $0.97 EPS. Spotify Technology’s revenue for the quarter was up 15.2% on a year-over-year basis. Analysts expect that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal 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.