Spotify Technology S.A. (NYSE:SPOT) Shares Acquired by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC increased its stake in Spotify Technology S.A. (NYSE:SPOTFree Report) by 8.2% in the 1st quarter, HoldingsChannel.com reports. The firm owned 709 shares of the company’s stock after buying an additional 54 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Spotify Technology were worth $390,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on SPOT shares. KeyCorp reduced their price objective on shares of Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. FBN Securities started coverage on shares of Spotify Technology in a report on Friday, March 28th. They issued a “sector perform” rating and a $645.00 price target for the company. Canaccord Genuity Group reissued a “buy” rating on shares of Spotify Technology in a report on Friday. Cantor Fitzgerald cut their price target on shares of Spotify Technology from $600.00 to $520.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Finally, Barclays cut their price target on shares of 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, twenty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and an average target price of $611.14.

View Our Latest Analysis on SPOT

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $692.62 on Wednesday. The stock has a market cap of $141.78 billion, a price-to-earnings ratio of 116.41 and a beta of 1.68. The business has a 50 day simple moving average of $618.26 and a 200 day simple moving average of $561.98. Spotify Technology S.A. has a 52 week low of $288.07 and a 52 week high of $717.87.

Spotify Technology (NYSE:SPOTGet Free Report) last announced its quarterly 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). The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The company’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.97 EPS. On average, analysts predict that Spotify Technology S.A. will post 10.3 EPS for the current year.

Spotify Technology Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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