Spotify Technology S.A. (NYSE:SPOT) Position Raised by Covenant Partners LLC

Covenant Partners LLC boosted its position in Spotify Technology S.A. (NYSE:SPOT) by 2.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,024 shares of the company’s stock after purchasing an additional 25 shares during the period. Covenant Partners LLC’s holdings in Spotify Technology were worth $458,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SPOT. Hillsdale Investment Management Inc. bought a new position in Spotify Technology during the fourth quarter valued at about $27,000. Quent Capital LLC boosted its position in shares of Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after purchasing an additional 57 shares in the last quarter. Noble Wealth Management PBC bought a new position in shares of Spotify Technology during the 4th quarter valued at about $52,000. Larson Financial Group LLC raised its holdings in shares of Spotify Technology by 48.5% in the 4th quarter. Larson Financial Group LLC now owns 144 shares of the company’s stock worth $64,000 after purchasing an additional 47 shares in the last quarter. Finally, Versant Capital Management Inc lifted its stake in Spotify Technology by 89.9% during the fourth quarter. Versant Capital Management Inc now owns 150 shares of the company’s stock valued at $67,000 after purchasing an additional 71 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Down 1.0 %

Shares of SPOT opened at $637.49 on Tuesday. The stock’s 50-day moving average price is $571.10 and its 200 day moving average price is $518.43. The firm has a market capitalization of $130.50 billion, a price-to-earnings ratio of 107.14 and a beta of 1.72. Spotify Technology S.A. has a 12-month low of $286.21 and a 12-month high of $653.32.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The firm had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. The business’s revenue for the quarter was up 15.2% compared to the same quarter last year. Equities research analysts expect that Spotify Technology S.A. will post 10.3 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have commented on SPOT shares. Loop Capital upped their price objective on shares of Spotify Technology from $435.00 to $550.00 and gave the company a “hold” rating in a research note on Friday. Rosenblatt Securities lowered their price objective on shares of Spotify Technology from $658.00 to $657.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 30th. KeyCorp cut their target price on shares of Spotify Technology from $675.00 to $625.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 9th. Wells Fargo & Company raised their target price on Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a research report on Friday, March 28th. Finally, Citigroup upped their price target on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Eight research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $604.76.

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.