C WorldWide Group Holding A S Raises Holdings in Spotify Technology (NYSE:SPOT)

C WorldWide Group Holding A S boosted its stake in Spotify Technology (NYSE:SPOT) by 16.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,760 shares of the company’s stock after purchasing an additional 960 shares during the period. C WorldWide Group Holding A S’s holdings in Spotify Technology were worth $3,718,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans increased its position in shares of Spotify Technology by 566.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company’s stock worth $3,541,000 after acquiring an additional 6,782 shares during the last quarter. O Shaughnessy Asset Management LLC increased its position in shares of Spotify Technology by 18.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 22,598 shares of the company’s stock worth $10,110,000 after acquiring an additional 3,536 shares during the last quarter. QRG Capital Management Inc. grew its stake in Spotify Technology by 36.3% in the first quarter. QRG Capital Management Inc. now owns 710 shares of the company’s stock worth $391,000 after purchasing an additional 189 shares in the last quarter. GAMMA Investing LLC grew its stake in Spotify Technology by 38.1% in the first quarter. GAMMA Investing LLC now owns 1,305 shares of the company’s stock worth $718,000 after purchasing an additional 360 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its stake in Spotify Technology by 16.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company’s stock worth $4,699,000 after purchasing an additional 1,179 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have commented on SPOT. Evercore ISI lifted their target price on Spotify Technology from $650.00 to $750.00 and gave the company an “outperform” rating in a research note on Monday, June 16th. KeyCorp lifted their price target on Spotify Technology from $640.00 to $860.00 and gave the company an “overweight” rating in a report on Friday, July 11th. Wells Fargo & Company lifted 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. Cantor Fitzgerald boosted their target price on Spotify Technology from $610.00 to $640.00 and gave the stock a “neutral” rating in a report on Wednesday, June 18th. Finally, Pivotal Research boosted their target price on Spotify Technology from $800.00 to $900.00 and gave the stock a “buy” rating in a report on Tuesday, June 17th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $701.31.

Spotify Technology Trading Down 3.4%

Spotify Technology stock traded down $24.70 on Friday, reaching $696.22. 421,465 shares of the stock were exchanged, compared to its average volume of 2,212,499. The stock has a market cap of $142.52 billion, a PE ratio of 115.46, a PEG ratio of 1.88 and a beta of 1.68. Spotify Technology has a twelve month low of $288.07 and a twelve month high of $785.00. The firm has a fifty day moving average price of $695.14 and a two-hundred day moving average price of $608.01.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The firm’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 EPS. Equities analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal 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.