Empirical Asset Management LLC Makes New $19.18 Million Investment in Spotify Technology S.A. (NYSE:SPOT)

Empirical Asset Management LLC purchased a new position in Spotify Technology S.A. (NYSE:SPOT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 42,863 shares of the company's stock, valued at approximately $19,176,000.

A number of other large investors have also recently made changes to their positions in the stock. WCM Investment Management LLC lifted its holdings in shares of Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company's stock worth $1,430,142,000 after buying an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Spotify Technology by 3.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company's stock worth $1,286,969,000 after buying an additional 102,786 shares in the last quarter. State Street Corp lifted its holdings in shares of Spotify Technology by 1.5% in the third quarter. State Street Corp now owns 1,997,323 shares of the company's stock worth $736,073,000 after buying an additional 28,864 shares in the last quarter. FMR LLC lifted its holdings in shares of Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company's stock worth $577,788,000 after buying an additional 297,035 shares in the last quarter. Finally, Two Sigma Advisers LP raised its stake in Spotify Technology by 19.0% during the third quarter. Two Sigma Advisers LP now owns 980,000 shares of the company's stock valued at $361,159,000 after purchasing an additional 156,300 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SPOT. The Goldman Sachs Group upped 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. Piper Sandler upped their price target on shares of Spotify Technology from $330.00 to $450.00 and gave the company a "neutral" rating in a research note on Wednesday, November 13th. TD Cowen upped their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the company a "hold" rating in a research note on Wednesday, November 13th. Bank of America upped their price target on shares of Spotify Technology from $430.00 to $515.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $441.21.

Spotify Technology Stock Down 1.0 %

Shares of NYSE SPOT traded down $4.89 during midday trading on Friday, hitting $485.45. The stock had a trading volume of 1,259,783 shares, compared to its average volume of 1,594,837. Spotify Technology S.A. has a 1 year low of $200.81 and a 1 year high of $506.47. The company has a market capitalization of $96.63 billion, a PE ratio of 131.92 and a beta of 1.62. The stock has a 50 day simple moving average of $465.30 and a 200-day simple moving average of $387.49.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts' consensus estimates of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company had revenue of $3.99 billion for the quarter, compared to analysts' expectations of $4.03 billion. During the same quarter in the previous year, the business posted $0.36 EPS. The business's quarterly revenue was up 18.8% compared to the same quarter last year. As a group, analysts expect that Spotify Technology S.A. will post 5.96 earnings per share for the current fiscal year.

Spotify Technology 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.