Trifecta Capital Advisors LLC Acquires 25 Shares of Spotify Technology (NYSE:SPOT)

Trifecta Capital Advisors LLC raised its holdings in Spotify Technology (NYSE:SPOT) by 33.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 100 shares of the company’s stock after buying an additional 25 shares during the quarter. Trifecta Capital Advisors LLC’s holdings in Spotify Technology were worth $55,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SPOT. GQG Partners LLC bought a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $800,725,000. Geode Capital Management LLC boosted its position in shares of Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock valued at $659,841,000 after purchasing an additional 1,259,183 shares in the last quarter. Norges Bank bought a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $396,028,000. Janus Henderson Group PLC boosted its position in shares of Spotify Technology by 325.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company’s stock valued at $503,316,000 after purchasing an additional 861,232 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Spotify Technology by 103.7% during the fourth quarter. Northern Trust Corp now owns 1,426,902 shares of the company’s stock valued at $638,367,000 after purchasing an additional 726,245 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $710.76 on Friday. The stock’s 50-day simple moving average is $643.00 and its two-hundred day simple moving average is $572.69. The stock has a market capitalization of $145.50 billion, a price-to-earnings ratio of 117.87, a PEG ratio of 1.86 and a beta of 1.68. Spotify Technology has a 52-week low of $288.07 and a 52-week high of $728.80.

Spotify Technology (NYSE:SPOT) last issued its quarterly 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 company had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.97 EPS. As a group, equities analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SPOT. FBN Securities began coverage on Spotify Technology in a research report on Friday, March 28th. They set a “sector perform” rating and a $645.00 price target on the stock. Macquarie lifted their price objective on Spotify Technology from $600.00 to $665.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. Evercore ISI lifted their price objective on Spotify Technology from $650.00 to $750.00 and gave the company an “outperform” rating in a research note on Monday. Redburn Atlantic began coverage on Spotify Technology in a research note on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price objective for the company. Finally, KeyCorp lowered their price objective on Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $630.28.

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.