Scientech Research LLC Has $3.14 Million Holdings in Spotify Technology S.A. (NYSE:SPOT)

Scientech Research LLC raised its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 35.7% in the 4th quarter, Holdings Channel reports. The firm owned 7,021 shares of the company’s stock after acquiring an additional 1,847 shares during the period. Spotify Technology makes up 0.9% of Scientech Research LLC’s investment portfolio, making the stock its 3rd largest holding. Scientech Research LLC’s holdings in Spotify Technology were worth $3,141,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Jennison Associates LLC purchased a new stake in Spotify Technology in the 4th quarter worth about $1,335,575,000. FMR LLC increased its position in shares of Spotify Technology by 30.2% during the fourth quarter. FMR LLC now owns 2,041,387 shares of the company’s stock worth $913,276,000 after acquiring an additional 473,569 shares during the period. Schroder Investment Management Group increased its position in shares of Spotify Technology by 0.4% during the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock worth $855,810,000 after acquiring an additional 7,075 shares during the period. GQG Partners LLC purchased a new position in shares of Spotify Technology during the fourth quarter worth approximately $800,725,000. Finally, Geode Capital Management LLC increased its position in shares of Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock worth $659,841,000 after acquiring an additional 1,259,183 shares during the period. Institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on SPOT. China Renaissance began coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They set a “buy” rating and a $740.00 price objective on the stock. Benchmark lifted their price objective on shares of Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Phillip Securities raised shares of Spotify Technology to a “moderate sell” rating in a report on Monday, May 5th. Redburn Atlantic started coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price target on the stock. Finally, JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $640.00 to $670.00 and gave the stock an “overweight” rating in a report on Wednesday, April 30th. Eight equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $606.48.

Spotify Technology Stock Up 2.5%

Shares of NYSE SPOT opened at $656.02 on Friday. The stock has a market capitalization of $134.29 billion, a price-to-earnings ratio of 110.26 and a beta of 1.72. The firm has a 50-day moving average price of $585.62 and a 200 day moving average price of $532.52. Spotify Technology S.A. has a 52 week low of $288.07 and a 52 week high of $663.55.

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