Annex Advisory Services LLC Invests $18.93 Million in Spotify Technology S.A. (NYSE:SPOT)

Annex Advisory Services LLC purchased a new stake in Spotify Technology S.A. (NYSE:SPOT) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 34,407 shares of the company’s stock, valued at approximately $18,925,000.

Several other hedge funds have also made changes to their positions in the company. FMR LLC grew its stake in Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company’s stock valued at $913,276,000 after acquiring an additional 473,569 shares in the last quarter. Schroder Investment Management Group grew its position in Spotify Technology by 0.4% during the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock valued at $855,810,000 after purchasing an additional 7,075 shares in the last quarter. GQG Partners LLC acquired a new position in Spotify Technology in the 4th quarter valued at approximately $800,725,000. Geode Capital Management LLC lifted its position in Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock worth $659,841,000 after buying an additional 1,259,183 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Spotify Technology by 103.7% during the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company’s stock valued at $638,367,000 after buying an additional 726,245 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 4.5%

SPOT opened at $701.52 on Thursday. The stock has a market capitalization of $143.61 billion, a price-to-earnings ratio of 117.90 and a beta of 1.72. Spotify Technology S.A. has a 1-year low of $288.07 and a 1-year high of $708.82. The business has a 50 day moving average of $606.47 and a 200-day moving average of $554.79.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data 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 company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same period in the prior year, the company posted $0.97 EPS. The firm’s quarterly revenue was up 15.2% on a year-over-year basis. Equities analysts predict that Spotify Technology S.A. will post 10.3 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SPOT. Barclays dropped their price target on shares of Spotify Technology from $710.00 to $650.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 30th. Morgan Stanley upped their target price on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Rosenblatt Securities cut their price target on Spotify Technology from $658.00 to $657.00 and set a “neutral” rating for the company in a research note on Wednesday, April 30th. Citigroup boosted their price target on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Spotify Technology from $670.00 to $730.00 and gave the company an “overweight” rating in a research report on Wednesday. Eight investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $611.14.

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.