Spotify Technology (NYSE:SPOT) Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. increased its holdings in Spotify Technology (NYSE:SPOT) by 4.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 922,064 shares of the company’s stock after acquiring an additional 36,269 shares during the quarter. Vanguard Group Inc. owned approximately 0.45% of Spotify Technology worth $507,163,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. Hartford Investment Management Co. increased its holdings in shares of Spotify Technology by 1.1% in the 1st quarter. Hartford Investment Management Co. now owns 1,449 shares of the company’s stock valued at $797,000 after acquiring an additional 16 shares during the period. HM Payson & Co. increased its holdings in shares of Spotify Technology by 39.1% in the 1st quarter. HM Payson & Co. now owns 64 shares of the company’s stock valued at $35,000 after acquiring an additional 18 shares during the period. North Star Investment Management Corp. grew its position in Spotify Technology by 52.8% in the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company’s stock valued at $30,000 after buying an additional 19 shares during the last quarter. Adero Partners LLC grew its position in Spotify Technology by 0.7% in the 1st quarter. Adero Partners LLC now owns 2,635 shares of the company’s stock valued at $1,449,000 after buying an additional 19 shares during the last quarter. Finally, Covenant Partners LLC grew its position in Spotify Technology by 2.5% in the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company’s stock valued at $458,000 after buying an additional 25 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Up 0.4%

Spotify Technology stock opened at $697.85 on Friday. Spotify Technology has a 52 week low of $319.07 and a 52 week high of $785.00. The firm’s 50-day simple moving average is $702.88 and its 200 day simple moving average is $635.18. The firm has a market capitalization of $142.86 billion, a PE ratio of 169.38, a P/E/G ratio of 3.01 and a beta of 1.69.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The business had revenue of $4.94 billion during the quarter, compared to analysts’ expectations of $4.29 billion. During the same quarter in the prior year, the firm earned $1.33 earnings per share. Spotify Technology’s quarterly revenue was up 10.1% on a year-over-year basis. On average, research analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Wolfe Research upgraded shares of Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 target price for the company in a research note on Monday, April 21st. Macquarie raised their target price on shares of Spotify Technology from $600.00 to $665.00 and gave the stock an “outperform” rating in a research note on Friday, April 25th. Guggenheim raised their target price on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a “buy” rating in a research note on Wednesday, June 25th. JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $730.00 to $780.00 and gave the stock an “overweight” rating in a research note on Friday, July 11th. Finally, The Goldman Sachs Group raised their target price on shares of Spotify Technology from $680.00 to $775.00 and gave the stock a “buy” rating in a research note on Wednesday, July 2nd. Ten investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $718.90.

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.