Rhumbline Advisers Has $107.73 Million Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Rhumbline Advisers raised its stake in Spotify Technology S.A. (NYSE:SPOT) by 3.3% in the 1st quarter, Holdings Channel.com reports. The fund owned 195,859 shares of the company’s stock after buying an additional 6,249 shares during the quarter. Rhumbline Advisers’ holdings in Spotify Technology were worth $107,728,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Mpwm Advisory Solutions LLC acquired a new position in shares of Spotify Technology during the 4th quarter worth $26,000. Hillsdale Investment Management Inc. acquired a new position in shares of Spotify Technology during the 4th quarter worth $27,000. Copia Wealth Management acquired a new position in shares of Spotify Technology during the 4th quarter worth $29,000. Quent Capital LLC raised its holdings in shares of Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after buying an additional 57 shares in the last quarter. Finally, Noble Wealth Management PBC acquired a new position in shares of Spotify Technology during the 4th quarter worth $52,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. UBS Group lowered their price target on Spotify Technology from $690.00 to $680.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. The Goldman Sachs Group boosted their price target on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. FBN Securities assumed coverage on Spotify Technology in a report on Friday, March 28th. They set a “sector perform” rating and a $645.00 price target for the company. Canaccord Genuity Group boosted their price target on Spotify Technology from $700.00 to $775.00 and gave the stock a “buy” rating in a report on Tuesday, May 20th. Finally, Barclays lowered their price target on Spotify Technology from $710.00 to $650.00 and set an “overweight” rating for the company in a report on Wednesday, April 30th. Eight research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average price target of $609.07.

Spotify Technology Trading Up 4.8%

NYSE SPOT opened at $667.14 on Monday. The business’s 50-day moving average price is $599.93 and its two-hundred day moving average price is $551.47. Spotify Technology S.A. has a 12 month low of $288.07 and a 12 month high of $671.24. The firm has a market capitalization of $136.57 billion, a PE ratio of 112.12 and a beta of 1.72.

Spotify Technology (NYSE:SPOT) last released 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 company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter last year, the firm posted $0.97 EPS. The company’s quarterly revenue was up 15.2% on a year-over-year basis. As a group, analysts forecast that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

Spotify Technology Company 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.