Voloridge Investment Management LLC Acquires 117,163 Shares of Spotify Technology S.A. (NYSE:SPOT)

Voloridge Investment Management LLC grew its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 208.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 173,336 shares of the company’s stock after buying an additional 117,163 shares during the quarter. Voloridge Investment Management LLC’s holdings in Spotify Technology were worth $77,547,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Auxano Advisors LLC grew its stake in shares of Spotify Technology by 2.5% during the fourth quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock valued at $370,000 after buying an additional 20 shares during the last quarter. SRS Capital Advisors Inc. grew its stake in shares of Spotify Technology by 4.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock valued at $256,000 after buying an additional 25 shares during the last quarter. Covenant Partners LLC grew its stake in shares of Spotify Technology by 2.5% during the fourth quarter. Covenant Partners LLC now owns 1,024 shares of the company’s stock valued at $458,000 after buying an additional 25 shares during the last quarter. First Horizon Advisors Inc. grew its stake in shares of Spotify Technology by 5.4% during the fourth quarter. First Horizon Advisors Inc. now owns 504 shares of the company’s stock valued at $225,000 after buying an additional 26 shares during the last quarter. Finally, Harbour Investments Inc. grew its stake in shares of Spotify Technology by 13.3% during the fourth quarter. Harbour Investments Inc. now owns 222 shares of the company’s stock valued at $99,000 after buying an additional 26 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 1.3%

Shares of SPOT stock opened at $664.55 on Tuesday. The business’s fifty day simple moving average is $588.18 and its 200-day simple moving average is $536.48. The company has a market cap of $136.04 billion, a PE ratio of 111.69 and a beta of 1.72. Spotify Technology S.A. has a 12-month low of $288.07 and a 12-month high of $669.00.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The firm had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same period in the previous year, the company earned $0.97 earnings per share. Spotify Technology’s revenue was up 15.2% on a year-over-year basis. On average, equities analysts forecast that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on SPOT shares. Barclays cut their target price on Spotify Technology from $710.00 to $650.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 30th. Loop Capital boosted their price target on Spotify Technology from $435.00 to $550.00 and gave the company a “hold” rating in a report on Friday, May 2nd. KeyCorp lowered their price target on Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Redburn Atlantic initiated coverage on Spotify Technology in a report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price target for the company. Finally, Wells Fargo & Company boosted their price target on Spotify Technology from $690.00 to $740.00 and gave the company an “overweight” rating in a report on Friday, March 28th. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, Spotify Technology 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.