Spotify Technology (NYSE:SPOT) Shares Acquired by Hartford Investment Management Co.

Hartford Investment Management Co. raised its holdings in shares of Spotify Technology (NYSE:SPOT) by 1.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,449 shares of the company’s stock after acquiring an additional 16 shares during the quarter. Hartford Investment Management Co.’s holdings in Spotify Technology were worth $797,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. QRG Capital Management Inc. lifted its holdings in shares of Spotify Technology by 36.3% in the 1st quarter. QRG Capital Management Inc. now owns 710 shares of the company’s stock valued at $391,000 after purchasing an additional 189 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Spotify Technology by 38.1% in the 1st quarter. GAMMA Investing LLC now owns 1,305 shares of the company’s stock valued at $718,000 after purchasing an additional 360 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in Spotify Technology by 16.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company’s stock valued at $4,699,000 after acquiring an additional 1,179 shares during the last quarter. Fifth Third Bancorp raised its stake in Spotify Technology by 30.7% during the 1st quarter. Fifth Third Bancorp now owns 302 shares of the company’s stock valued at $166,000 after acquiring an additional 71 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Spotify Technology by 238.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,441 shares of the company’s stock valued at $13,993,000 after acquiring an additional 17,932 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on SPOT shares. Macquarie upped 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. Rosenblatt Securities reduced their price objective on Spotify Technology from $703.00 to $679.00 and set a “neutral” rating for the company in a research note on Wednesday, July 30th. Pivotal Research upped their price objective on Spotify Technology from $800.00 to $900.00 and gave the company a “buy” rating in a research note on Tuesday, June 17th. KeyCorp reduced their price objective on Spotify Technology from $860.00 to $830.00 and set an “overweight” rating for the company in a research note on Wednesday, July 30th. Finally, Evercore ISI upped 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, June 16th. Nine equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $718.90.

Spotify Technology Price Performance

SPOT opened at $627.15 on Monday. The stock has a market cap of $128.38 billion, a P/E ratio of 152.22, a P/E/G ratio of 2.71 and a beta of 1.70. The stock’s 50 day simple moving average is $700.71 and its 200 day simple moving average is $625.45. Spotify Technology has a 1-year low of $300.57 and a 1-year high of $785.00.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of $2.00 by ($2.42). The firm had revenue of $4.94 billion during the quarter, compared to analyst estimates of $4.29 billion. Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The business’s revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.33 EPS. Research analysts expect 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.