Bessemer Group Inc. Has $88.16 Million Holdings in Spotify Technology (NYSE:SPOT)

Bessemer Group Inc. boosted its stake in Spotify Technology (NYSE:SPOT) by 0.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 160,281 shares of the company’s stock after buying an additional 1,289 shares during the quarter. Bessemer Group Inc.’s holdings in Spotify Technology were worth $88,160,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. International Assets Investment Management LLC lifted its holdings in Spotify Technology by 3.3% during the 1st quarter. International Assets Investment Management LLC now owns 866 shares of the company’s stock valued at $476,000 after purchasing an additional 28 shares during the last quarter. Bluesphere Advisors LLC grew its stake in Spotify Technology by 7.3% during the first quarter. Bluesphere Advisors LLC now owns 559 shares of the company’s stock worth $307,000 after buying an additional 38 shares during the last quarter. Sava Infond d.o.o. acquired a new stake in shares of Spotify Technology during the first quarter worth approximately $242,000. Consolidated Portfolio Review Corp bought a new position in shares of Spotify Technology in the first quarter valued at approximately $2,010,000. Finally, Oppenheimer & Co. Inc. raised its stake in shares of Spotify Technology by 523.7% in the first quarter. Oppenheimer & Co. Inc. now owns 2,863 shares of the company’s stock valued at $1,575,000 after acquiring an additional 2,404 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Canaccord Genuity Group reaffirmed a “buy” rating on shares of Spotify Technology in a report on Friday, June 6th. Wolfe Research upgraded Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 target price on the stock in a report on Monday, April 21st. JPMorgan Chase & Co. raised their target price on Spotify Technology from $670.00 to $730.00 and gave the company an “overweight” rating in a research note on Wednesday, June 4th. Evercore ISI upped their price target on shares of Spotify Technology from $650.00 to $750.00 and gave the stock an “outperform” rating in a research report on Monday, June 16th. Finally, Phillip Securities upgraded shares of Spotify Technology to a “moderate sell” rating in a research report on Monday, May 5th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $634.24.

Spotify Technology Trading Down 1.9%

NYSE SPOT opened at $735.99 on Thursday. Spotify Technology has a 12 month low of $288.07 and a 12 month high of $759.17. The stock has a 50-day simple moving average of $657.02 and a 200 day simple moving average of $579.16. The company has a market capitalization of $150.66 billion, a PE ratio of 122.05, a P/E/G ratio of 1.96 and a beta of 1.68.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). The company 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 22.53% and a net margin of 7.19%. Spotify Technology’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.97 earnings per share. As a group, sell-side analysts predict that Spotify Technology will post 10.3 earnings per share 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.