Exchange Traded Concepts LLC Boosts Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Exchange Traded Concepts LLC grew its stake in shares of Spotify Technology S.A. (NYSE:SPOT – Free Report) by 44.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,512 shares of the company’s stock after buying an additional 1,087 shares during the period. Exchange Traded Concepts LLC’s holdings in Spotify Technology were worth $564,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. lifted its stake 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 purchasing an additional 241,026 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in Spotify Technology by 0.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,733,909 shares of the company’s stock worth $215,843,000 after purchasing an additional 10,302 shares in the last quarter. SRS Investment Management LLC purchased a new stake in Spotify Technology in the 1st quarter worth $294,683,000. Wellington Management Group LLP lifted its stake in Spotify Technology by 140.8% in the 1st quarter. Wellington Management Group LLP now owns 1,694,044 shares of the company’s stock worth $226,358,000 after purchasing an additional 990,485 shares in the last quarter. Finally, Norges Bank purchased a new stake in Spotify Technology in the 4th quarter worth $123,027,000. 56.89% of the stock is owned by hedge funds and other institutional investors.

Get Spotify Technology alerts:

Spotify Technology Stock Up 2.0 %

SPOT opened at $160.53 on Friday. The stock’s fifty day moving average is $149.05 and its two-hundred day moving average is $147.91. The company has a market capitalization of $31.25 billion, a P/E ratio of -30.01 and a beta of 1.70. Spotify Technology S.A. has a 52 week low of $69.29 and a 52 week high of $182.00.

Spotify Technology (NYSE:SPOT – Get Free Report) last released its quarterly earnings data on Tuesday, July 25th. The company reported ($1.69) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.89). The firm had revenue of $3.46 billion for the quarter, compared to analysts’ expectations of $3.54 billion. Spotify Technology had a negative return on equity of 42.48% and a negative net margin of 7.79%. Equities analysts anticipate that Spotify Technology S.A. will post -3.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Pivotal Research decreased their price objective on Spotify Technology from $145.00 to $140.00 in a report on Wednesday, July 26th. JPMorgan Chase & Co. lifted their price target on Spotify Technology from $160.00 to $190.00 in a research report on Wednesday, July 19th. Deutsche Bank Aktiengesellschaft upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research report on Wednesday, July 26th. Rosenblatt Securities lifted their target price on Spotify Technology from $141.00 to $150.00 and gave the stock a “neutral” rating in a report on Wednesday, July 26th. Finally, Morgan Stanley restated an “overweight” rating and set a $185.00 price target on shares of Spotify Technology in a report on Monday, July 31st. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average price target of $166.04.

Get Our Latest Stock Report on Spotify Technology

Spotify Technology Company Profile

(Free Report)

Spotify Technology SA, together with its subsidiaries, provides audio streaming 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.

See Also

• Five stocks we like better than Spotify Technology
• 3 Natural Gas Stocks That Offer Great Dividend Yields
• Levi Strauss: A Bottom is in for Steady, Stable Dividend Payer
• Are Penny Stocks a Good Fit for Your Portfolio?
• Starbucks Is About To Become A Value Play You Can’t Miss
• Energy and Oil Stocks Explained
• Intel to Unlock Value By Spinning Off Programmable Chip Unit

Receive News & Ratings for Spotify Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spotify Technology and related companies with MarketBeat.com's FREE daily email newsletter.