Norges Bank bought a new position in shares of Spotify Technology S.A. (NYSE:SPOT – Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 491,878 shares of the company’s stock, valued at approximately $92,429,000. Norges Bank owned approximately 0.25% of Spotify Technology as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the business. Massachusetts Financial Services Co. MA grew its holdings in Spotify Technology by 16.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock valued at $572,015,000 after purchasing an additional 523,237 shares during the period. Wellington Management Group LLP grew its stake in Spotify Technology by 61.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock valued at $459,364,000 after acquiring an additional 1,133,305 shares during the period. Acadian Asset Management LLC increased its holdings in Spotify Technology by 11.5% in the 3rd quarter. Acadian Asset Management LLC now owns 1,916,821 shares of the company’s stock worth $296,376,000 after acquiring an additional 197,368 shares in the last quarter. Schroder Investment Management Group raised its position in shares of Spotify Technology by 303.4% during the 3rd quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock worth $203,396,000 after purchasing an additional 989,243 shares during the last quarter. Finally, Technology Crossover Management XI Ltd. raised its holdings in shares of Spotify Technology by 36.2% during the third quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock valued at $200,618,000 after acquiring an additional 344,841 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.
Spotify Technology Stock Performance
NYSE SPOT opened at $308.16 on Friday. The firm’s fifty day moving average is $287.48 and its two-hundred day moving average is $238.20. Spotify Technology S.A. has a one year low of $129.23 and a one year high of $319.30. The firm has a market cap of $58.61 billion, a PE ratio of -459.93 and a beta of 1.61.
Spotify Technology (NYSE:SPOT – Get Free Report) last issued its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The firm had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter in the previous year, the firm posted ($1.24) EPS. Research analysts predict that Spotify Technology S.A. will post 4.78 earnings per share for the current year.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on SPOT. Macquarie boosted their price target on Spotify Technology from $300.00 to $330.00 and gave the stock an “outperform” rating in a research report on Monday, April 22nd. Morgan Stanley lifted their target price on shares of Spotify Technology from $270.00 to $350.00 and gave the stock an “overweight” rating in a research note on Monday, April 22nd. Barclays raised their price target on shares of Spotify Technology from $335.00 to $350.00 and gave the stock an “overweight” rating in a report on Wednesday, April 24th. Raymond James upped their price objective on Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a report on Monday, April 15th. Finally, Pivotal Research raised their target price on Spotify Technology from $390.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Eight equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $306.42.
Get Our Latest Stock Report on Spotify Technology
Spotify Technology Profile
(Free Report)
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.
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