Engineers Gate Manager LP Increases Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Engineers Gate Manager LP boosted its position in shares of Spotify Technology S.A. (NYSE:SPOTGet Rating) by 466.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 34,213 shares of the company’s stock after acquiring an additional 28,174 shares during the period. Engineers Gate Manager LP’s holdings in Spotify Technology were worth $5,167,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. UMB Bank N A MO purchased a new position in shares of Spotify Technology in the fourth quarter worth about $26,000. Lazard Asset Management LLC acquired a new position in shares of Spotify Technology in the fourth quarter valued at approximately $26,000. Baldwin Brothers LLC MA grew its holdings in shares of Spotify Technology by 41.5% in the first quarter. Baldwin Brothers LLC MA now owns 283 shares of the company’s stock valued at $43,000 after purchasing an additional 83 shares in the last quarter. MBM Wealth Consultants LLC acquired a new position in Spotify Technology during the 1st quarter worth approximately $45,000. Finally, Quadrant Capital Group LLC grew its holdings in Spotify Technology by 84.4% during the 1st quarter. Quadrant Capital Group LLC now owns 343 shares of the company’s stock worth $51,000 after acquiring an additional 157 shares in the last quarter. Hedge funds and other institutional investors own 55.32% of the company’s stock.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $110.28 on Friday. The stock has a market capitalization of $20.98 billion, a PE ratio of -79.34 and a beta of 1.81. Spotify Technology S.A. has a 52-week low of $89.03 and a 52-week high of $305.60. The company has a 50-day simple moving average of $110.29 and a two-hundred day simple moving average of $117.43.

Spotify Technology (NYSE:SPOTGet Rating) last announced its earnings results on Wednesday, July 27th. The company reported ($0.91) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.23). The business had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.82 billion. Spotify Technology had a negative net margin of 0.24% and a negative return on equity of 1.15%. The business’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.23) earnings per share. As a group, equities research analysts forecast that Spotify Technology S.A. will post -2.03 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SPOT shares. UBS Group cut their price target on Spotify Technology from $185.00 to $142.00 and set a “neutral” rating for the company in a research note on Thursday, July 28th. Citigroup decreased their price target on Spotify Technology from $150.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Bank of America raised their price objective on Spotify Technology from $137.00 to $164.00 and gave the stock a “buy” rating in a report on Thursday, June 9th. The Goldman Sachs Group dropped their target price on Spotify Technology from $150.00 to $133.00 and set a “neutral” rating on the stock in a report on Thursday, June 9th. Finally, Evercore ISI dropped their price objective on Spotify Technology from $235.00 to $230.00 and set an “outperform” rating on the stock in a report on Thursday, July 7th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Spotify Technology currently has an average rating of “Hold” and an average target price of $183.42.

Spotify Technology Company Profile

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Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. 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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