Castlekeep Investment Advisors LLC Acquires Shares of 30,869 Spotify Technology S.A. (NYSE:SPOT)

Castlekeep Investment Advisors LLC acquired a new stake in Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 30,869 shares of the company’s stock, valued at approximately $13,810,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in SPOT. Baird Financial Group Inc. lifted its position in Spotify Technology by 1.5% during the fourth quarter. Baird Financial Group Inc. now owns 26,668 shares of the company’s stock worth $11,931,000 after acquiring an additional 404 shares during the last quarter. Bamco Inc. NY boosted its stake in Spotify Technology by 1.7% in the 4th quarter. Bamco Inc. NY now owns 897,166 shares of the company’s stock valued at $401,374,000 after purchasing an additional 15,019 shares during the period. Banque Transatlantique SA acquired a new position in Spotify Technology in the 4th quarter valued at $69,124,000. Benjamin Edwards Inc. increased its position in Spotify Technology by 29.7% during the 4th quarter. Benjamin Edwards Inc. now owns 5,672 shares of the company’s stock worth $2,538,000 after buying an additional 1,298 shares during the period. Finally, AlTi Global Inc. lifted its holdings in shares of Spotify Technology by 28.5% during the fourth quarter. AlTi Global Inc. now owns 1,798 shares of the company’s stock worth $804,000 after buying an additional 399 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $642.77 on Monday. The company has a market capitalization of $131.58 billion, a P/E ratio of 108.03 and a beta of 1.72. The company’s 50-day moving average is $570.40 and its 200 day moving average is $516.62. Spotify Technology S.A. has a fifty-two week low of $286.21 and a fifty-two week high of $653.32.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). The company had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. During the same quarter in the previous year, the firm earned $0.97 earnings per share. The firm’s revenue was up 15.2% compared to the same quarter last year. As a group, research analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Analysts Set New Price Targets

SPOT has been the topic of several research reports. China Renaissance assumed coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They issued a “buy” rating and a $740.00 price target on the stock. Canaccord Genuity Group lifted their price target on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. JPMorgan Chase & Co. raised their price objective on Spotify Technology from $640.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 30th. Macquarie upped their target price on Spotify Technology from $600.00 to $665.00 and gave the company an “outperform” rating in a research report on Friday, April 25th. Finally, Wolfe Research upgraded Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 price target on the stock in a research report on Monday, April 21st. Eight investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and an average target price of $604.76.

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.