Spotify Technology S.A. (NYSE:SPOT) Shares Purchased by Abacus FCF Advisors LLC

Abacus FCF Advisors LLC raised its stake in Spotify Technology S.A. (NYSE:SPOT) by 75.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,028 shares of the company’s stock after purchasing an additional 13,347 shares during the period. Spotify Technology accounts for about 2.7% of Abacus FCF Advisors LLC’s holdings, making the stock its 9th biggest position. Abacus FCF Advisors LLC’s holdings in Spotify Technology were worth $17,066,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SPOT. Mpwm Advisory Solutions LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at $26,000. Hillsdale Investment Management Inc. purchased a new stake in Spotify Technology in the fourth quarter valued at $27,000. Copia Wealth Management acquired a new position in Spotify Technology in the fourth quarter valued at $29,000. Thurston Springer Miller Herd & Titak Inc. grew its holdings in shares of Spotify Technology by 209.1% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company’s stock worth $37,000 after purchasing an additional 46 shares during the last quarter. Finally, Quent Capital LLC grew its holdings in shares of Spotify Technology by 135.7% during the fourth 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. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SPOT. Cantor Fitzgerald reduced their target price on Spotify Technology from $600.00 to $520.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Rosenblatt Securities reduced their price objective on Spotify Technology from $658.00 to $657.00 and set a “neutral” rating for the company in a research note on Wednesday, April 30th. UBS Group reissued an “overweight” rating on shares of Spotify Technology in a report on Friday. Loop Capital raised their target price on shares of Spotify Technology from $435.00 to $550.00 and gave the stock a “hold” rating in a research report on Friday, May 2nd. Finally, Barclays reduced their price target on shares of Spotify Technology from $710.00 to $650.00 and set an “overweight” rating for the company in a research report on Wednesday, April 30th. Eight analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $611.14.

Spotify Technology Stock Performance

NYSE:SPOT opened at $699.13 on Tuesday. Spotify Technology S.A. has a 1 year low of $288.07 and a 1 year high of $717.87. The stock has a fifty day moving average price of $615.58 and a two-hundred day moving average price of $561.07. The stock has a market capitalization of $143.12 billion, a price-to-earnings ratio of 117.50 and a beta of 1.68.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). The company had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. Spotify Technology’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.97 earnings per share. On average, analysts predict 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.