Sphera Management Technology Funds Ltd Buys New Holdings in Spotify Technology S.A. (NYSE:SPOT)

Sphera Management Technology Funds Ltd purchased a new position in Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,000 shares of the company’s stock, valued at approximately $895,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SPOT. Hillsdale Investment Management Inc. bought a new position in shares of Spotify Technology during the fourth quarter valued at about $27,000. Quent Capital LLC lifted its holdings in 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 bought a new stake in shares of Spotify Technology in the 4th quarter worth approximately $52,000. Colonial Trust Co SC increased its stake in shares of 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 buying an additional 111 shares during the period. Finally, Strategic Financial Concepts LLC bought a new position in shares of Spotify Technology during the fourth quarter valued at approximately $56,000. Institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Benchmark lifted their target price on shares of Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Phillip Securities upgraded Spotify Technology to a “moderate sell” rating in a report on Monday, May 5th. Barclays decreased their target price on Spotify Technology from $710.00 to $650.00 and set an “overweight” rating for the company in a research report on Wednesday, April 30th. Macquarie upped their price target on Spotify Technology from $600.00 to $665.00 and gave the stock an “outperform” rating in a research note on Friday, April 25th. Finally, JPMorgan Chase & Co. raised 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. Eight equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.48.

Spotify Technology Trading Up 2.5%

Spotify Technology stock opened at $656.02 on Monday. The company has a 50-day moving average price of $585.62 and a 200 day moving average price of $534.52. Spotify Technology S.A. has a 12-month low of $288.07 and a 12-month high of $663.55. The stock has a market cap of $134.29 billion, a P/E ratio of 110.26 and a beta of 1.72.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). The business had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. Spotify Technology’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.97 EPS. As a group, analysts forecast that Spotify Technology S.A. will post 10.3 EPS for the current 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.