Vanguard Group increased its holdings in Spotify Technology SA (NYSE: SPOT – Free Report ) by 6.3% in the fourth quarter, according to its latest filing with the Securities and Exchange Commission (SEC). The fund bought an additional 34,781 shares during the quarter, giving it a total holding of 588,847 shares of the company. Vanguard Group held about 0.30% of Spotify Technology worth $110.65 million at the end of the most recent quarter.
Other hedge funds and institutional investors also recently modified their positions in SPOT. Wellington Management Group increased its holdings in Spotify Technology by 61.7% in the third quarter. Wellington Management Group now owns 2,970,540 shares of the company worth $459,364,000 after purchasing an additional 1,133,305 shares in the last quarter. Norges Bank acquired a new stake in Spotify Technology in the fourth quarter, valued at approximately $92,429,000. 1832 Asset Management acquired a new stake in Spotify Technology in the fourth quarter, valued at approximately $83,094,000. Citigroup increased its holdings in Spotify Technology by 1,037.4% in the third quarter. Citigroup now owns 386,191 shares of the company worth $59,721,000 after purchasing an additional 352,237 shares in the last quarter. Finally, Envestnet Asset Management increased its holdings in shares of Spotify Technology by 327.4% during the fourth quarter. Envestnet Asset Management now owns 391,253 shares of the company’s stock, valued at $73,520,000, after purchasing an additional 299,700 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.
Price performance of Spotify technology
Spotify Technology shares opened trading at $316.85 on Friday. The company has a market cap of $60.26 billion, a P/E ratio of -472.90, a P/G ratio of 0.83 and a beta of 1.59. The company’s 50-day simple moving average is $306.64 and its 200-day simple moving average is $265.11. Spotify Technology SA’s 52-week low is $129.23 and its 52-week high is $331.08.
Spotify Technology (NYSE:SPOT – get free report ) announced its quarterly earnings on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. Revenues for the quarter were $3.95 billion, beating analysts’ estimates of $3.87 billion. Spotify Technology had a net margin of -0.80% and a return on equity of -4.39%. During the same quarter last year, the company posted earnings per share of ($1.24). On average, sell-side analysts expect Spotify Technology SA to post an EPS of 4.96 this year.
What Wall Street analysts are saying
Several brokerage firms have recently issued reports on SPOT. HSBC increased their price target on Spotify Technology from $310.00 to $355.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Deutsche Bank Aktiengesellschaft increased their price target on Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Bank of America increased their price target on Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday, July 2nd. Raymond James increased their price target on Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a research note on Monday, April 15th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $320.00 price target (up from $300.00 previously) on shares of Spotify Technology in a research note on Wednesday, April 24. Eight research analysts have rated the stock with a hold rating, and eighteen have issued a buy rating. According to MarketBeat data, the stock currently has a “moderate buy” consensus rating, with an average target price of $311.88.
Read the latest SPOT research report
Spotify Technology Profile
(Free report)
Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. The company operates in two segments: Premium and Ad-Supported. The Premium segment offers subscribers unlimited online and offline streaming access to a catalogue of music and podcasts without commercials.
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