Morgens Waterfall Vintiadis & Co. Inc. Purchases 1,500 Shares of Spotify Technology S.A. (NYSE:SPOT)

Morgens Waterfall Vintiadis & Co. Inc. increased its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 12.5% in the fourth quarter, Holdings Channel.com reports. The firm owned 13,500 shares of the company’s stock after buying an additional 1,500 shares during the quarter. Spotify Technology comprises approximately 4.6% of Morgens Waterfall Vintiadis & Co. Inc.’s investment portfolio, making the stock its 10th biggest position. Morgens Waterfall Vintiadis & Co. Inc.’s holdings in Spotify Technology were worth $6,040,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of SPOT. Hillsdale Investment Management Inc. bought a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $27,000. Quent Capital LLC grew its holdings in Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after purchasing an additional 57 shares during the period. Noble Wealth Management PBC purchased a new stake in Spotify Technology during the fourth quarter valued at about $52,000. Colonial Trust Co SC raised its holdings in Spotify Technology by 1,009.1% during the 4th quarter. Colonial Trust Co SC now owns 122 shares of the company’s stock valued at $55,000 after acquiring an additional 111 shares during the period. Finally, Larson Financial Group LLC boosted its stake in 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 during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Down 0.2%

SPOT opened at $619.69 on Wednesday. Spotify Technology S.A. has a 1 year low of $286.21 and a 1 year high of $663.55. The stock has a market cap of $126.85 billion, a PE ratio of 104.15 and a beta of 1.72. The stock’s 50 day simple moving average is $577.70 and its 200-day simple moving average 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). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter in the previous year, the firm earned $0.97 EPS. The company’s revenue was up 15.2% compared to the same quarter last year. Equities analysts forecast that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of research analyst reports. FBN Securities initiated coverage on shares of Spotify Technology in a report on Friday, March 28th. They set a “sector perform” rating and a $645.00 price objective for the company. Macquarie upped their price objective on shares of Spotify Technology from $600.00 to $665.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. Citigroup raised their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. Morgan Stanley increased their price objective on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Finally, UBS Group lowered their price objective on Spotify Technology from $690.00 to $680.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Eight investment 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 an average target price of $606.48.

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.