Gifford Fong Associates Purchases Shares of 5,000 Spotify Technology S.A. (NYSE:SPOT)

Gifford Fong Associates purchased a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 5,000 shares of the company’s stock, valued at approximately $1,340,000.

A number of other institutional investors also recently modified their holdings of SPOT. Panagora Asset Management Inc. increased its stake in shares of Spotify Technology by 51.9% in the first quarter. Panagora Asset Management Inc. now owns 1,229 shares of the company’s stock worth $329,000 after acquiring an additional 420 shares during the period. Sei Investments Co. increased its stake in shares of Spotify Technology by 21.1% in the first quarter. Sei Investments Co. now owns 67,393 shares of the company’s stock worth $18,624,000 after acquiring an additional 11,760 shares during the period. Sciencast Management LP purchased a new stake in Spotify Technology during the first quarter worth $402,000. Mercer Global Advisors Inc. ADV purchased a new stake in Spotify Technology during the first quarter worth $261,000. Finally, WealthPLAN Partners LLC boosted its holdings in Spotify Technology by 26.7% during the first quarter. WealthPLAN Partners LLC now owns 8,958 shares of the company’s stock worth $2,151,000 after buying an additional 1,887 shares in the last quarter. Institutional investors and hedge funds own 61.93% of the company’s stock.

SPOT traded down $3.63 during trading on Friday, hitting $243.56. The stock had a trading volume of 26,945 shares, compared to its average volume of 1,602,104. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $43.66 billion, a price-to-earnings ratio of -63.87 and a beta of 1.51. The business has a 50-day moving average of $252.88. Spotify Technology S.A. has a twelve month low of $177.21 and a twelve month high of $387.44.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Wednesday, April 28th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.31. Spotify Technology had a negative net margin of 6.60% and a negative return on equity of 20.47%. The company had revenue of $2.15 billion for the quarter, compared to analysts’ expectations of $2.15 billion. During the same period in the previous year, the company posted ($0.20) EPS. Spotify Technology’s revenue was up 16.2% compared to the same quarter last year. As a group, analysts predict that Spotify Technology S.A. will post -1.71 earnings per share for the current year.

SPOT has been the topic of a number of recent analyst reports. Jefferies Financial Group initiated coverage on shares of Spotify Technology in a report on Wednesday, April 28th. They set a “buy” rating and a $360.00 price target on the stock. Citigroup decreased their price objective on shares of Spotify Technology from $310.00 to $275.00 and set a “neutral” rating on the stock in a report on Tuesday. Rosenblatt Securities increased their price objective on shares of Spotify Technology from $390.00 to $425.00 and gave the company a “buy” rating in a report on Tuesday, February 23rd. Atlantic Securities downgraded shares of Spotify Technology from an “overweight” rating to a “neutral” rating in a report on Tuesday, February 23rd. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell decreased their price target on shares of Spotify Technology from $310.00 to $275.00 and set a “neutral” rating on the stock in a research note on Tuesday. Five analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $310.27.

About Spotify Technology

Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates in 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.

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Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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