Spotify Technology (NYSE:SPOT) Shares Bought by Aaron Wealth Advisors LLC

Aaron Wealth Advisors LLC grew its position in shares of Spotify Technology (NYSE:SPOT) by 50.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 920 shares of the company’s stock after acquiring an additional 307 shares during the quarter. Aaron Wealth Advisors LLC’s holdings in Spotify Technology were worth $506,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of Spotify Technology by 30.2% in the fourth quarter. FMR LLC now owns 2,041,387 shares of the company’s stock valued at $913,276,000 after buying an additional 473,569 shares in the last quarter. Schroder Investment Management Group grew its stake in shares of Spotify Technology by 0.4% in the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock valued at $855,810,000 after buying an additional 7,075 shares in the last quarter. GQG Partners LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $800,725,000. Geode Capital Management LLC grew its stake in shares of Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock valued at $659,841,000 after buying an additional 1,259,183 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Spotify Technology by 103.7% in the fourth 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 in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Down 2.2%

Shares of NYSE SPOT opened at $706.66 on Thursday. The company has a market cap of $144.66 billion, a price-to-earnings ratio of 117.19, a price-to-earnings-growth ratio of 1.90 and a beta of 1.68. Spotify Technology has a 12-month low of $288.07 and a 12-month high of $785.00. The stock’s 50 day simple moving average is $674.07 and its 200 day simple moving average is $588.49.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the prior year, the business earned $0.97 earnings per share. The firm’s revenue was up 15.2% compared to the same quarter last year. As a group, equities analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SPOT. Robert W. Baird increased their target price on Spotify Technology from $700.00 to $730.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. The Goldman Sachs Group raised their price objective on Spotify Technology from $680.00 to $775.00 and gave the company a “buy” rating in a research note on Wednesday. KeyCorp lowered their price objective on Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. Redburn Atlantic initiated coverage on Spotify Technology in a research note on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price objective for the company. Finally, Wells Fargo & Company raised their price objective on Spotify Technology from $690.00 to $740.00 and gave the company an “overweight” rating in a research note on Friday, March 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $660.28.

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.