Spotify Technology S.A. (NYSE:SPOT) Shares Purchased by Verde Capital Management

Verde Capital Management lifted its stake in Spotify Technology S.A. (NYSE:SPOT) by 3.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,576 shares of the company’s stock after purchasing an additional 302 shares during the period. Spotify Technology makes up 1.3% of Verde Capital Management’s investment portfolio, making the stock its 14th largest holding. Verde Capital Management’s holdings in Spotify Technology were worth $4,717,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Thrivent Financial for Lutherans lifted its stake in shares of Spotify Technology by 566.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company’s stock valued at $3,541,000 after purchasing an additional 6,782 shares during the period. Jennison Associates LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $1,335,575,000. Marks Group Wealth Management Inc acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $535,000. Highland Capital Management LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $870,000. Finally, Steward Partners Investment Advisory LLC lifted its stake in shares of Spotify Technology by 4.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,072 shares of the company’s stock valued at $927,000 after purchasing an additional 85 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $667.14 on Friday. The company has a 50-day simple moving average of $599.93 and a 200-day simple moving average of $550.38. Spotify Technology S.A. has a 12 month low of $288.07 and a 12 month high of $671.24. The company has a market cap of $136.57 billion, a PE ratio of 112.12 and a beta of 1.72.

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 return on equity of 25.56% and a net margin of 7.26%. The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same period in the prior year, the business posted $0.97 earnings per share. Spotify Technology’s revenue was up 15.2% on a year-over-year basis. On average, analysts anticipate that Spotify Technology S.A. will post 10.3 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Phillip Securities upgraded shares of Spotify Technology to a “moderate sell” rating in a research note on Monday, May 5th. Wolfe Research upgraded shares of Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 target price for the company in a report on Monday, April 21st. FBN Securities initiated coverage on shares of Spotify Technology in a report on Friday, March 28th. They set a “sector perform” rating and a $645.00 target price for the company. Evercore ISI dropped their target price on shares of Spotify Technology from $700.00 to $650.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Finally, Morgan Stanley raised their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $609.07.

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.