Spotify Technology S.A. (NYSE:SPOT) Shares Bought by Numerai GP LLC

Numerai GP LLC raised its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 27.1% during the fourth quarter, HoldingsChannel reports. The firm owned 2,995 shares of the company’s stock after purchasing an additional 638 shares during the quarter. Numerai GP LLC’s holdings in Spotify Technology were worth $1,340,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. increased its position in shares of Spotify Technology by 11.8% in the 3rd quarter. Principal Financial Group Inc. now owns 39,578 shares of the company’s stock valued at $14,586,000 after acquiring an additional 4,192 shares during the period. Harbor Capital Advisors Inc. increased its stake in shares of Spotify Technology by 2.4% in the fourth quarter. Harbor Capital Advisors Inc. now owns 1,398 shares of the company’s stock worth $625,000 after acquiring an additional 33 shares during the period. Aprio Wealth Management LLC purchased a new stake in Spotify Technology in the fourth quarter valued at $338,000. Matrix Trust Co acquired a new position in shares of Spotify Technology in the 4th quarter valued at about $150,000. Finally, Brookstone Capital Management grew its holdings in Spotify Technology by 8.6% during the fourth quarter. Brookstone Capital Management now owns 1,411 shares of the company’s stock worth $631,000 after acquiring an additional 112 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SPOT. Wells Fargo & Company increased their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a research note on Friday, March 28th. Evercore ISI lowered their price target on Spotify Technology from $700.00 to $650.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Phillip Securities raised Spotify Technology to a “moderate sell” rating in a report on Monday, May 5th. UBS Group cut their price objective on Spotify Technology from $690.00 to $680.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Finally, Cantor Fitzgerald decreased their target price on Spotify Technology from $600.00 to $520.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Eight research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $606.48.

Spotify Technology Trading Down 0.2%

SPOT opened at $619.69 on Wednesday. Spotify Technology S.A. has a twelve month low of $286.21 and a twelve month high of $663.55. The firm has a market capitalization of $126.85 billion, a PE ratio of 104.15 and a beta of 1.72. The firm’s 50-day moving average price is $577.70 and its 200 day moving average price is $528.25.

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 business had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period last year, the business earned $0.97 earnings per share. As a group, analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

Spotify Technology 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.