Greycroft LP Takes Position in Spotify Technology S.A. (NYSE:SPOT)

Greycroft LP acquired a new position in Spotify Technology S.A. (NYSE:SPOTFree Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 500 shares of the company’s stock, valued at approximately $94,000. Spotify Technology comprises approximately 0.1% of Greycroft LP’s holdings, making the stock its 6th largest position.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its stake in shares of Spotify Technology by 61.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after acquiring an additional 1,133,305 shares in the last quarter. Schroder Investment Management Group boosted its position in Spotify Technology by 303.4% during the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock worth $203,396,000 after purchasing an additional 989,243 shares during the period. Artisan Partners Limited Partnership grew its holdings in Spotify Technology by 194.7% during the third quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock valued at $173,673,000 after purchasing an additional 741,955 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Spotify Technology by 16.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock valued at $572,015,000 after purchasing an additional 523,237 shares during the period. Finally, Norges Bank acquired a new stake in shares of Spotify Technology in the fourth quarter worth $92,429,000. Institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on SPOT shares. Barclays boosted their price objective on Spotify Technology from $335.00 to $350.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 24th. Loop Capital increased their price objective on Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a research report on Monday, April 22nd. HSBC raised their price objective on shares of Spotify Technology from $310.00 to $355.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Piper Sandler reiterated a “neutral” rating and set a $320.00 target price (up from $300.00) on shares of Spotify Technology in a research note on Wednesday, April 24th. Finally, Citigroup raised their price target on shares of Spotify Technology from $255.00 to $310.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Eight research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $306.42.

Check Out Our Latest Stock Analysis on Spotify Technology

Spotify Technology Stock Performance

NYSE:SPOT traded down $7.91 during mid-day trading on Friday, hitting $296.78. The company had a trading volume of 1,478,286 shares, compared to its average volume of 1,156,437. Spotify Technology S.A. has a fifty-two week low of $129.23 and a fifty-two week high of $319.30. The firm has a market cap of $56.45 billion, a P/E ratio of -442.96 and a beta of 1.61. The business’s fifty day moving average is $292.15 and its two-hundred day moving average is $243.38.

Spotify Technology (NYSE:SPOTGet Free Report) last announced its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. The company had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. During the same period last year, the firm posted ($1.24) earnings per share. Equities analysts forecast that Spotify Technology S.A. will post 4.78 earnings per share 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.

Further Reading

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

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