Maxi Investments CY Ltd Buys 1,745 Shares of Spotify Technology (NYSE:SPOT)

Maxi Investments CY Ltd grew its stake in shares of Spotify Technology (NYSE:SPOT) by 56.3% during the first quarter, Holdings Channel.com reports. The institutional investor owned 4,845 shares of the company’s stock after acquiring an additional 1,745 shares during the quarter. Maxi Investments CY Ltd’s holdings in Spotify Technology were worth $2,665,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPOT. Arete Wealth Advisors LLC bought a new position in Spotify Technology during the fourth quarter worth about $277,000. Prudential PLC boosted its holdings in Spotify Technology by 189.8% during the fourth quarter. Prudential PLC now owns 5,904 shares of the company’s stock worth $2,641,000 after buying an additional 3,867 shares during the last quarter. Wedbush Securities Inc. boosted its holdings in Spotify Technology by 17.4% during the fourth quarter. Wedbush Securities Inc. now owns 1,768 shares of the company’s stock worth $791,000 after buying an additional 262 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in Spotify Technology by 106.2% during the fourth quarter. Quadrant Capital Group LLC now owns 563 shares of the company’s stock worth $252,000 after buying an additional 290 shares during the last quarter. Finally, FMR LLC lifted its holdings in shares of Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company’s stock valued at $913,276,000 after purchasing an additional 473,569 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

SPOT has been the topic of several recent analyst reports. Barclays cut their price objective on Spotify Technology from $800.00 to $750.00 and set an “overweight” rating on the stock in a report on Wednesday, July 30th. Cantor Fitzgerald lifted their price objective on Spotify Technology from $610.00 to $640.00 and gave the company a “neutral” rating in a report on Wednesday, June 18th. Evercore ISI lifted their price objective on Spotify Technology from $650.00 to $750.00 and gave the company an “outperform” rating in a report on Monday, June 16th. Morgan Stanley cut their price objective on Spotify Technology from $850.00 to $800.00 and set an “overweight” rating on the stock in a report on Wednesday, July 30th. Finally, Pivotal Research lifted their price objective on Spotify Technology from $800.00 to $900.00 and gave the company a “buy” rating in a report on Tuesday, June 17th. Nine equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $718.90.

Spotify Technology Stock Up 5.3%

NYSE:SPOT opened at $660.37 on Tuesday. The firm has a market capitalization of $135.18 billion, a price-to-earnings ratio of 160.28, a price-to-earnings-growth ratio of 2.71 and a beta of 1.69. Spotify Technology has a twelve month low of $300.57 and a twelve month high of $785.00. The stock’s 50 day moving average price is $700.81 and its two-hundred day moving average price is $626.67.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $2.00 by ($2.42). The company had revenue of $4.94 billion for the quarter, compared to analyst estimates of $4.29 billion. Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period last year, the firm earned $1.33 EPS. As a group, analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current 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.