Ethic Inc. Raises Stake in Spotify Technology S.A. (NYSE:SPOT)

Ethic Inc. boosted its holdings in Spotify Technology S.A. (NYSE:SPOT) by 5.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 13,979 shares of the company’s stock after acquiring an additional 672 shares during the quarter. Ethic Inc.’s holdings in Spotify Technology were worth $6,254,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Hillsdale Investment Management Inc. bought a new position in Spotify Technology during the 4th quarter valued at approximately $27,000. Quent Capital LLC raised 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 purchasing an additional 57 shares during the last quarter. Noble Wealth Management PBC purchased a new position in shares of Spotify Technology in the 4th quarter worth about $52,000. Colonial Trust Co SC boosted its stake in 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 purchasing an additional 111 shares in the last quarter. Finally, Strategic Financial Concepts LLC purchased a new stake in Spotify Technology during the 4th quarter valued at about $56,000. Institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SPOT. 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. JPMorgan Chase & Co. upped their price objective on Spotify Technology from $640.00 to $670.00 and gave the company an “overweight” rating in a research report on Wednesday, April 30th. Canaccord Genuity Group lifted their target price on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Redburn Atlantic initiated coverage on Spotify Technology in a report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price target on the stock. Finally, Robert W. Baird increased their price objective on Spotify Technology from $700.00 to $730.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. Eight research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $604.76.

Spotify Technology Stock Down 1.0 %

NYSE SPOT opened at $648.97 on Friday. The business has a 50-day moving average price of $575.47 and a 200-day moving average price of $523.89. The firm 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 twelve month low of $286.21 and a twelve month high of $663.55.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data 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 analysts’ expectations of $4.22 billion. During the same period last year, the business earned $0.97 earnings per share. The company’s quarterly revenue was up 15.2% compared to the same quarter last year. Research analysts expect 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.