Spotify Technology S.A. (NYSE:SPOT) Shares Bought by Pitcairn Co.

Pitcairn Co. lifted its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 118.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,527 shares of the company’s stock after purchasing an additional 2,457 shares during the period. Pitcairn Co.’s holdings in Spotify Technology were worth $1,195,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in Spotify Technology during the fourth quarter worth about $92,429,000. 1832 Asset Management L.P. acquired a new stake in shares of Spotify Technology during the 4th quarter worth approximately $83,094,000. Envestnet Asset Management Inc. increased its holdings in shares of Spotify Technology by 327.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock worth $73,520,000 after buying an additional 299,700 shares during the last quarter. Artisan Partners Limited Partnership raised its position in shares of Spotify Technology by 24.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock valued at $263,226,000 after buying an additional 277,733 shares during the period. Finally, Kodai Capital Management LP purchased a new position in Spotify Technology in the fourth quarter worth approximately $41,867,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Down 2.2 %

Shares of SPOT stock traded down $7.57 on Thursday, reaching $328.95. 2,713,077 shares of the stock were exchanged, compared to its average volume of 1,998,568. The company has a market capitalization of $65.48 billion, a price-to-earnings ratio of -502.43, a PEG ratio of 0.87 and a beta of 1.59. The business’s 50 day moving average price is $309.88 and its 200 day moving average price is $275.66. Spotify Technology S.A. has a twelve month low of $129.23 and a twelve month high of $346.23.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a return on equity of 17.48% and a net margin of 3.22%. The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.82 billion. During the same period in the previous year, the business earned ($1.69) EPS. Spotify Technology’s revenue for the quarter was up 19.8% on a year-over-year basis. Equities research analysts forecast that Spotify Technology S.A. will post 5 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. UBS Group upped their price target on Spotify Technology from $375.00 to $400.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Barclays increased their target price on shares of Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a research note on Wednesday. Benchmark reissued a “buy” rating and issued a $405.00 price target on shares of Spotify Technology in a research note on Monday. Canaccord Genuity Group upped their price objective on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. Finally, Loop Capital lifted their target price on shares of Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $353.15.

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.