Nuveen Asset Management LLC Acquires 319,564 Shares of Spotify Technology S.A. (NYSE:SPOT)

Nuveen Asset Management LLC lifted its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 98.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 645,705 shares of the company’s stock after purchasing an additional 319,564 shares during the period. Nuveen Asset Management LLC’s holdings in Spotify Technology were worth $288,876,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Auxano Advisors LLC raised its stake in shares of Spotify Technology by 2.5% during the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock worth $370,000 after purchasing an additional 20 shares during the period. SRS Capital Advisors Inc. raised its stake in shares of Spotify Technology by 4.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock worth $256,000 after purchasing an additional 25 shares during the period. Covenant Partners LLC increased its holdings in Spotify Technology by 2.5% in the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company’s stock worth $458,000 after acquiring an additional 25 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in Spotify Technology by 5.4% in the 4th quarter. First Horizon Advisors Inc. now owns 504 shares of the company’s stock worth $225,000 after acquiring an additional 26 shares during the last quarter. Finally, Harbour Investments Inc. increased its holdings in Spotify Technology by 13.3% in the 4th quarter. Harbour Investments Inc. now owns 222 shares of the company’s stock worth $99,000 after acquiring an additional 26 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on SPOT shares. Redburn Atlantic started coverage on Spotify Technology in a report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price objective for the company. Robert W. Baird lifted their price objective on Spotify Technology from $700.00 to $730.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. FBN Securities started coverage on Spotify Technology in a report on Friday, March 28th. They issued a “sector perform” rating and a $645.00 price objective for the company. Wolfe Research raised 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, The Goldman Sachs Group lifted their price objective on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Eight research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $606.48.

Spotify Technology Trading Up 1.0%

Shares of NYSE SPOT opened at $626.27 on Thursday. Spotify Technology S.A. has a 12 month low of $288.07 and a 12 month high of $663.55. The firm has a market capitalization of $128.20 billion, a price-to-earnings ratio of 105.26 and a beta of 1.72. The business has a 50-day moving average of $579.61 and a 200-day moving average of $528.93.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The business had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.22 billion. During the same period in the previous year, the firm posted $0.97 EPS. The firm’s revenue for the quarter was up 15.2% compared to the same quarter last year. On average, analysts predict that Spotify Technology S.A. 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.