Blue Trust Inc. Increases Stake in Spotify Technology S.A. (NYSE:SPOT)

Blue Trust Inc. raised its position in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 39.6% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,034 shares of the company's stock after purchasing an additional 577 shares during the period. Blue Trust Inc.'s holdings in Spotify Technology were worth $910,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans raised its stake in Spotify Technology by 7.4% during the second quarter. Thrivent Financial for Lutherans now owns 5,654 shares of the company's stock worth $1,774,000 after purchasing an additional 391 shares during the period. Point72 DIFC Ltd lifted its holdings in Spotify Technology by 918.2% in the second quarter. Point72 DIFC Ltd now owns 93,403 shares of the company's stock valued at $29,309,000 after acquiring an additional 84,230 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Spotify Technology by 5.2% in the second quarter. The Manufacturers Life Insurance Company now owns 1,892 shares of the company's stock worth $594,000 after acquiring an additional 94 shares during the period. Mackenzie Financial Corp increased its stake in Spotify Technology by 33.1% during the second quarter. Mackenzie Financial Corp now owns 3,056 shares of the company's stock worth $959,000 after acquiring an additional 760 shares during the last quarter. Finally, Algert Global LLC raised its position in Spotify Technology by 46.8% in the second quarter. Algert Global LLC now owns 1,494 shares of the company's stock valued at $469,000 after purchasing an additional 476 shares during the period. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Price Performance

Shares of SPOT stock traded up $14.27 during midday trading on Thursday, reaching $553.10. 1,271,851 shares of the company traded hands, compared to its average volume of 1,727,547. The firm has a market cap of $110.09 billion, a PE ratio of 150.19 and a beta of 1.62. The firm's 50 day simple moving average is $477.67 and its two-hundred day simple moving average is $400.99. Spotify Technology S.A. has a 1-year low of $213.31 and a 1-year high of $558.31.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.30). The firm had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm's revenue for the quarter was up 18.8% on a year-over-year basis. During the same period last year, the company posted $0.36 EPS. As a group, research analysts anticipate that Spotify Technology S.A. will post 5.91 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SPOT. Pivotal Research boosted their price objective on shares of Spotify Technology from $510.00 to $565.00 and gave the company a "buy" rating in a report on Wednesday, November 13th. The Goldman Sachs Group boosted their price target on shares of Spotify Technology from $490.00 to $550.00 and gave the company a "buy" rating in a research note on Wednesday, January 8th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a "buy" rating in a research report on Wednesday, November 6th. Barclays boosted their target price on Spotify Technology from $385.00 to $475.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. Finally, Morgan Stanley lifted their price objective on Spotify Technology from $430.00 to $460.00 and gave the company an "overweight" rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $446.21.

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.