Bleakley Financial Group LLC Boosts Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Bleakley Financial Group LLC increased its stake in Spotify Technology S.A. (NYSE:SPOT) by 15.2% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,550 shares of the company’s stock after buying an additional 204 shares during the period. Bleakley Financial Group LLC’s holdings in Spotify Technology were worth $291,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. grew its stake in shares of Spotify Technology by 6.3% in the 1st quarter. BlackRock Inc. now owns 4,046,153 shares of the company’s stock worth $611,049,000 after buying an additional 241,026 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Spotify Technology by 16.5% during the 3rd 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 last quarter. Wellington Management Group LLP boosted its stake in Spotify Technology by 61.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock valued at $459,364,000 after purchasing an additional 1,133,305 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in Spotify Technology by 0.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,733,909 shares of the company’s stock valued at $215,843,000 after purchasing an additional 10,302 shares during the last quarter. Finally, AMF Tjanstepension AB boosted its stake in Spotify Technology by 1.3% during the 3rd quarter. AMF Tjanstepension AB now owns 2,025,000 shares of the company’s stock valued at $313,146,000 after purchasing an additional 25,000 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

NYSE:SPOT opened at $290.52 on Tuesday. The business’s 50-day simple moving average is $262.87 and its two-hundred day simple moving average is $211.24. Spotify Technology S.A. has a 52 week low of $128.67 and a 52 week high of $313.16.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. The business had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The business’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period last year, the firm earned ($1.43) earnings per share. As a group, analysts expect that Spotify Technology S.A. will post 3.55 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have commented on the company. Benchmark increased their target price on Spotify Technology from $260.00 to $290.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. Wells Fargo & Company increased their target price on Spotify Technology from $250.00 to $280.00 and gave the company an “overweight” rating in a research note on Wednesday, January 31st. HSBC assumed coverage on Spotify Technology in a research note on Wednesday, March 27th. They set a “buy” rating and a $310.00 target price on the stock. TheStreet upgraded Spotify Technology from a “d+” rating to a “c-” rating in a research note on Friday, February 9th. Finally, The Goldman Sachs Group increased their price target on Spotify Technology from $171.00 to $195.00 and gave the company a “neutral” rating in a report on Tuesday, January 9th. Six analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $254.16.

Spotify Technology Profile

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.