Connective Capital Management LLC Buys Shares of 2,679 Spotify Technology S.A. (NYSE:SPOT)

Connective Capital Management LLC bought a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,679 shares of the company’s stock, valued at approximately $1,199,000. Spotify Technology accounts for 1.4% of Connective Capital Management LLC’s portfolio, making the stock its 18th largest holding.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Jennison Associates LLC bought a new position in shares of Spotify Technology in the 4th quarter worth approximately $1,335,575,000. FMR LLC lifted its stake in shares of Spotify Technology by 30.2% in the 4th quarter. FMR LLC now owns 2,041,387 shares of the company’s stock worth $913,276,000 after purchasing an additional 473,569 shares during the period. Schroder Investment Management Group lifted its stake in shares of Spotify Technology by 0.4% in the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock worth $855,810,000 after purchasing an additional 7,075 shares during the period. GQG Partners LLC bought a new position in shares of Spotify Technology in the 4th quarter worth approximately $800,725,000. Finally, Geode Capital Management LLC lifted its stake in shares of Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock worth $659,841,000 after purchasing an additional 1,259,183 shares during the period. Institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SPOT shares. JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $640.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 30th. Citigroup raised their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $700.00 to $775.00 and gave the company a “buy” rating in a report on Tuesday. Wolfe Research raised shares of Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 price objective for the company in a report on Monday, April 21st. Finally, Morgan Stanley increased their price objective on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $609.07.

Spotify Technology Stock Down 0.9%

Shares of SPOT opened at $658.52 on Wednesday. The company has a market cap of $134.80 billion, a PE ratio of 110.68 and a beta of 1.72. The business has a fifty day moving average of $590.56 and a 200 day moving average of $537.33. Spotify Technology S.A. has a 52-week low of $288.07 and a 52-week high of $669.00.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) 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 the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The firm’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.97 earnings per share. As a group, research analysts anticipate that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

Spotify Technology Company Profile

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.