Sequoia Financial Advisors LLC Takes Position in Spotify Technology S.A. (NYSE:SPOT)

Sequoia Financial Advisors LLC acquired a new position in Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 3,769 shares of the company’s stock, valued at approximately $708,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Cetera Advisor Networks LLC boosted its position in shares of Spotify Technology by 142.4% during the first quarter. Cetera Advisor Networks LLC now owns 3,071 shares of the company’s stock valued at $464,000 after purchasing an additional 1,804 shares in the last quarter. Private Advisor Group LLC lifted its position in Spotify Technology by 19.8% during the first quarter. Private Advisor Group LLC now owns 4,909 shares of the company’s stock valued at $741,000 after purchasing an additional 811 shares in the last quarter. BlackRock Inc. increased its holdings in 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 acquiring an additional 241,026 shares in the last quarter. Cibc World Market Inc. raised its stake in Spotify Technology by 22.4% during the 1st quarter. Cibc World Market Inc. now owns 4,823 shares of the company’s stock worth $728,000 after acquiring an additional 883 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Spotify Technology by 68.6% during the first quarter. Dimensional Fund Advisors LP now owns 190,255 shares of the company’s stock valued at $28,735,000 after purchasing an additional 77,379 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $280.00 to $320.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Wells Fargo & Company lifted 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. Rosenblatt Securities upped their price target on Spotify Technology from $300.00 to $315.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. Macquarie reiterated an “outperform” rating and set a $300.00 price objective (up previously from $232.00) on shares of Spotify Technology in a research report on Wednesday, February 7th. Finally, TheStreet upgraded Spotify Technology from a “d+” rating to a “c-” rating in a research report on Friday, February 9th. Six investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $254.16.

Spotify Technology Stock Performance

SPOT stock opened at $290.52 on Tuesday. Spotify Technology S.A. has a 1 year low of $128.67 and a 1 year high of $313.16. The business has a 50 day simple moving average of $262.87 and a 200-day simple moving average of $211.24.

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

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.