Legal Partners Limited increased its position in Spotify Technology SA (NYSE:SPOT – Get Rating) by 30.7% in the fourth quarter, according to the company’s latest Form 13F filing with the Securities and Exchange Commission. The fund held 257,654 shares in the company after purchasing an additional 60,483 shares during the quarter. Spotify Technology accounts for approximately 4.7% of Legal Partners Limited’s portfolio, making the stock his sixth largest position. Regal Partners Ltd owned approximately 0.13% of Spotify Technology, worth $20,342,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added or reduced stakes in the company. Norges Bank acquired a new position in Spotify Technology shares worth approximately $123,027,000 in the fourth quarter. Alecta Tjanstepension Omsidigt increased his holding of Spotify Technology shares by 29.3% in the fourth quarter. Alecta Tjanstepension Omsesidigt purchased an additional 890,000 of his shares during the period and now owns 3,925,600 shares of the company worth $39848,000. BlackRock increased its stake in Spotify technology by 20.2% in the third quarter. BlackRock Inc. purchased an additional 707,653 shares during the period, and he now owns 4,214,562 shares of the company, valued at $363,717,000. Point72 Asset Management LP increased his Spotify Technology shareholding by 1,069.2% in the fourth quarter. Point72 Asset Management LP now owns 630,004 shares of the company, valued at $49,739,000, after purchasing an additional 695,004 shares during the period. Finally, Two Sigma Investments LP increased its stake in Spotify technology by 80.2% during the fourth quarter. Two Sigma Investments LP acquired an additional 555,786 shares during the period and now owns 1,248,684 shares of the company, valued at $98,584,000. Hedge funds and other institutional investors hold 52.80% of the company’s shares.
Wall Street analyst speaks out
A number of research analysts have expressed their opinions on the SPOT stock recently. Benchmark raised its price target on Spotify Technology from $140.00 to $150.00 in its report on Friday, April 21, giving the stock a Buy rating. Guggenheim raised its price target for Spotify technology from $165.00 to $180.00 in a report on Tuesday, May 23. KeyCorp raised its target price for Spotify Technology from $140.00 to $160.00 in a report on Tuesday, April 18th. Rosenblatt Securities raised its price target for Spotify technology from $110.00 to $141.00 in a report on Tuesday, May 2. Finally, Morgan Stanley raised its price target on Spotify Technology from $130.00 to $160.00, giving the stock an “overweight” rating in its report on Friday, April 21. Seven research analysts rated the stock as a hold, while 14 rated it as a buy. Based on MarketBeat data, the company has an average rating of “moderate buy” and an average price target of $144.38.
Spotify Technology Stock Performance
NYSE:SPOT shares opened Thursday at $151.63. The stock has a 50-day simple moving average of $142.60 and a 200-day simple moving average of $117.92. Spotify Technology SA hit a 52-week low of $69.29 and a 52-week high of $157.13.
Spotify Technology (NYSE:SPOT – Get Rating) last reported earnings on Tuesday, April 25th. The company reported earnings per share ($1.24) for the quarter, but ($0.23) below consensus expectations ($1.01). Spotify Technology had a return on equity of 33.54% and a negative net profit margin of 6.49%. The business had sales of $3.26 billion in the quarter, compared with analysts’ expectations of $3.39 billion. On average, equity research analysts expect Spotify Technology SA’s EPS to be -3.02 for the current financial year.
Spotify Technology Company Profile
Spotify Technology SA is a digital music service that gives music fans instant access to the world of music. It operates through premium and ad-supported segments. The premium segment offers subscribers unlimited online and offline high-quality streaming access to music and podcasts on his devices, computer, tablet and mobile.
Want to know if other hedge funds hold SPOT? Visit HoldingsChannel.com to get Spotify Technology SA’s latest 13F filing and insider trading (NYSE:SPOT – Earned Rating).
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