Spotify Technology S.A. (NYSE:SPOT) Shares Acquired by Verition Fund Management LLC

Verition Fund Management LLC lifted its holdings in shares of Spotify Technology S.A. (NYSE:SPOTGet Rating) by 136.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,818 shares of the company’s stock after buying an additional 5,089 shares during the quarter. Verition Fund Management LLC’s holdings in Spotify Technology were worth $1,332,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Carnegie Capital Asset Management LLC raised its stake in shares of Spotify Technology by 59.1% during the 1st quarter. Carnegie Capital Asset Management LLC now owns 1,803 shares of the company’s stock worth $272,000 after buying an additional 670 shares during the period. Ellevest Inc. increased its position in shares of Spotify Technology by 41.1% during the first quarter. Ellevest Inc. now owns 1,617 shares of the company’s stock worth $244,000 after purchasing an additional 471 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Spotify Technology by 138.8% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 39,654 shares of the company’s stock worth $5,989,000 after purchasing an additional 23,048 shares in the last quarter. IndexIQ Advisors LLC increased its position in shares of Spotify Technology by 309.6% during the first quarter. IndexIQ Advisors LLC now owns 1,413 shares of the company’s stock worth $213,000 after purchasing an additional 1,068 shares in the last quarter. Finally, Canal Capital Management LLC increased its position in shares of Spotify Technology by 46.4% during the first quarter. Canal Capital Management LLC now owns 15,800 shares of the company’s stock worth $2,386,000 after purchasing an additional 5,006 shares in the last quarter. 55.32% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Trading Down 2.4 %

SPOT opened at $97.26 on Wednesday. The stock’s 50-day moving average price is $110.39 and its 200 day moving average price is $115.34. Spotify Technology S.A. has a 12-month low of $89.03 and a 12-month high of $305.60. The firm has a market cap of $18.50 billion, a price-to-earnings ratio of -69.97 and a beta of 1.81.

Spotify Technology (NYSE:SPOTGet Rating) last posted its earnings results on Wednesday, July 27th. The company reported ($0.91) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.23). Spotify Technology had a negative return on equity of 1.15% and a negative net margin of 0.24%. The firm had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same period in the previous year, the company posted ($0.23) EPS. Spotify Technology’s revenue was up 22.9% on a year-over-year basis. On average, research analysts forecast that Spotify Technology S.A. will post -2.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Bank of America boosted their price target on Spotify Technology from $137.00 to $164.00 and gave the stock a “buy” rating in a research report on Thursday, June 9th. Raymond James upgraded Spotify Technology from a “market perform” rating to an “outperform” rating and set a $150.00 price target for the company in a research report on Monday, June 6th. Morgan Stanley dropped their price target on Spotify Technology from $170.00 to $140.00 and set an “overweight” rating for the company in a research report on Monday, July 25th. Rosenblatt Securities dropped their price target on Spotify Technology from $118.00 to $112.00 and set a “neutral” rating for the company in a research report on Wednesday, September 7th. Finally, The Goldman Sachs Group dropped their target price on Spotify Technology from $150.00 to $133.00 and set a “neutral” rating for the company in a report on Thursday, June 9th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $183.42.

Spotify Technology Company Profile

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Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

See Also

Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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