Quantinno Capital Management LP Boosts Holdings in Spotify Technology S.A. (NYSE:SPOT)

Quantinno Capital Management LP grew its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 20.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,439 shares of the company’s stock after purchasing an additional 1,939 shares during the quarter. Quantinno Capital Management LP’s holdings in Spotify Technology were worth $5,118,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hillsdale Investment Management Inc. bought a new position in Spotify Technology during the fourth quarter worth about $27,000. Quent Capital LLC boosted its position in Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares during the period. Noble Wealth Management PBC bought a new position in Spotify Technology during the fourth quarter worth about $52,000. Colonial Trust Co SC boosted its position in Spotify Technology by 1,009.1% during the fourth quarter. Colonial Trust Co SC now owns 122 shares of the company’s stock worth $55,000 after purchasing an additional 111 shares during the period. Finally, Larson Financial Group LLC boosted its position in Spotify Technology by 48.5% during the fourth 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 own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of SPOT opened at $656.02 on Friday. The firm has a market cap of $134.29 billion, a price-to-earnings ratio of 110.26 and a beta of 1.72. Spotify Technology S.A. has a fifty-two week low of $288.07 and a fifty-two week high of $663.55. The firm has a 50 day moving average price of $585.62 and a 200-day moving average price of $533.48.

Spotify Technology (NYSE:SPOT) last posted its quarterly 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 for the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter in the prior year, the company earned $0.97 earnings per share. The company’s quarterly revenue was up 15.2% compared to the same quarter last year. As a group, equities research analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SPOT shares. Citigroup raised their price objective on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Robert W. Baird raised their price objective on shares of Spotify Technology from $700.00 to $730.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. Benchmark raised their price objective on shares of Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. KeyCorp cut their price objective on shares of Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. Finally, Redburn Atlantic started coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price objective for the company. Eight analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.