709 Shares in Spotify Technology S.A. (NYSE:SPOT) Purchased by TFB Advisors LLC

TFB Advisors LLC acquired a new position in Spotify Technology S.A. (NYSE:SPOT) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 709 shares of the company’s stock, valued at approximately $202,000.

Several other hedge funds have also recently bought and sold shares of the business. Wellington Management Group LLP increased its position in Spotify Technology by 61.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after purchasing an additional 1,133,305 shares during the last quarter. Norges Bank acquired a new position in Spotify Technology in the 4th quarter worth about $92,429,000. 1832 Asset Management L.P. acquired a new position in Spotify Technology in the 4th quarter worth about $83,094,000. Citigroup Inc. increased its position in Spotify Technology by 1,037.4% in the 3rd quarter. Citigroup Inc. now owns 386,191 shares of the company’s stock worth $59,721,000 after purchasing an additional 352,237 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in Spotify Technology by 327.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock valued at $73,520,000 after buying an additional 299,700 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on SPOT shares. Barclays raised their target price on Spotify Technology from $335.00 to $350.00 and gave the company an “overweight” rating in a report on Wednesday, April 24th. Loop Capital raised their price objective on Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a research report on Monday, April 22nd. Benchmark raised their price objective on Spotify Technology from $325.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Canaccord Genuity Group raised their price objective on Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Finally, JPMorgan Chase & Co. raised their price objective on Spotify Technology from $365.00 to $375.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 4th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $317.08.

Spotify Technology Stock Down 2.1 %

SPOT stock traded down $6.55 during midday trading on Wednesday, reaching $305.00. 2,219,865 shares of the company’s stock traded hands, compared to its average volume of 1,938,290. The company has a 50-day simple moving average of $307.81 and a two-hundred day simple moving average of $267.36. Spotify Technology S.A. has a 1-year low of $129.23 and a 1-year high of $331.08. The company has a market cap of $58.01 billion, a price-to-earnings ratio of -464.99, a PEG ratio of 0.83 and a beta of 1.59.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.63 by $0.42. The company had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. During the same period last year, the firm earned ($1.24) EPS. Equities research analysts forecast that Spotify Technology S.A. will post 4.96 EPS for the current year.

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.