Lansforsakringar Fondforvaltning AB publ Purchases Shares of 1,414 Spotify Technology S.A. (NYSE:SPOT)

Lansforsakringar Fondforvaltning AB publ purchased a new stake in Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 1,414 shares of the company’s stock, valued at approximately $633,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SPOT. Fifth Third Bancorp raised its stake in Spotify Technology by 44.4% in the fourth quarter. Fifth Third Bancorp now owns 231 shares of the company’s stock valued at $103,000 after buying an additional 71 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in shares of Spotify Technology by 17.2% in the fourth quarter. Geneos Wealth Management Inc. now owns 396 shares of the company’s stock worth $177,000 after purchasing an additional 58 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in shares of Spotify Technology in the fourth quarter worth about $404,000. Blue Trust Inc. raised its stake in shares of Spotify Technology by 39.6% in the fourth quarter. Blue Trust Inc. now owns 2,034 shares of the company’s stock worth $910,000 after purchasing an additional 577 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Spotify Technology in the fourth quarter worth about $214,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

Spotify Technology stock opened at $636.67 on Friday. The stock has a market capitalization of $130.33 billion, a PE ratio of 107.00 and a beta of 1.72. Spotify Technology S.A. has a 12 month low of $288.07 and a 12 month high of $671.24. The business has a 50 day simple moving average of $598.91 and a 200-day simple moving average of $548.67.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results 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). The firm had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The business’s revenue was up 15.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.97 earnings per share. On average, equities research analysts anticipate that Spotify Technology S.A. will post 10.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SPOT shares. Morgan Stanley raised their price objective on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. The Goldman Sachs Group raised their price objective on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Benchmark raised their price objective on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Cantor Fitzgerald reduced their price objective on Spotify Technology from $600.00 to $520.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Finally, JPMorgan Chase & Co. raised their price objective on Spotify Technology from $640.00 to $670.00 and gave the stock an “overweight” rating in a research note 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. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $609.07.

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.