ARK Investment Management LLC Acquires 238 Shares of Spotify Technology S.A. (NYSE:SPOT)

ARK Investment Management LLC grew its position in Spotify Technology S.A. (NYSE:SPOT) by 0.2% in the fourth quarter, Holdings Channel.com reports. The fund owned 113,178 shares of the company’s stock after buying an additional 238 shares during the period. ARK Investment Management LLC’s holdings in Spotify Technology were worth $21,267,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of SPOT. Cetera Advisor Networks LLC lifted its position in shares of Spotify Technology by 142.4% in the 1st quarter. Cetera Advisor Networks LLC now owns 3,071 shares of the company’s stock worth $464,000 after acquiring an additional 1,804 shares during the period. Private Advisor Group LLC lifted its position in shares of Spotify Technology by 19.8% in the 1st quarter. Private Advisor Group LLC now owns 4,909 shares of the company’s stock worth $741,000 after acquiring an additional 811 shares during the period. BlackRock Inc. lifted its position in shares of 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 during the period. Cibc World Market Inc. lifted its position in shares of Spotify Technology by 22.4% in 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 position in shares of Spotify Technology by 68.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 190,255 shares of the company’s stock worth $28,735,000 after acquiring an additional 77,379 shares during the period. Institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on SPOT. The Goldman Sachs Group raised their price objective on Spotify Technology from $171.00 to $195.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 9th. Citigroup reissued a “neutral” rating and issued a $190.00 target price on shares of Spotify Technology in a report on Friday, December 1st. Wells Fargo & Company increased their target price on Spotify Technology from $250.00 to $280.00 and gave the stock an “overweight” rating in a report on Wednesday, January 31st. TheStreet raised Spotify Technology from a “d+” rating to a “c-” rating in a report on Friday, February 9th. Finally, Raymond James increased their target price on Spotify Technology from $180.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, December 11th. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and an average price target of $235.36.

Spotify Technology Price Performance

NYSE SPOT opened at $260.21 on Thursday. The stock has a fifty day moving average of $241.86 and a 200-day moving average of $198.29. Spotify Technology S.A. has a 52 week low of $126.83 and a 52 week high of $278.30.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.01. The company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The business’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same period last year, the firm earned ($1.43) EPS. On average, sell-side analysts anticipate that Spotify Technology S.A. will post 3.53 earnings per share for the current fiscal 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.