Northeast Investment Management Purchases 3,526 Shares of Spotify Technology S.A. (NYSE:SPOT)

Northeast Investment Management increased its holdings in Spotify Technology S.A. (NYSE:SPOT) by 27.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,517 shares of the company’s stock after purchasing an additional 3,526 shares during the quarter. Northeast Investment Management’s holdings in Spotify Technology were worth $7,389,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Prestige Wealth Management Group LLC purchased a new position in shares of Spotify Technology during the third quarter valued at about $26,000. Hobbs Group Advisors LLC bought a new position in shares of Spotify Technology in the 3rd quarter worth approximately $33,000. Larson Financial Group LLC lifted its stake in shares of Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the period. V Square Quantitative Management LLC purchased a new stake in Spotify Technology in the third quarter worth $40,000. Finally, Rakuten Securities Inc. raised its holdings in Spotify Technology by 40.5% in the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after purchasing an additional 32 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Down 0.4 %

Shares of NYSE:SPOT opened at $623.54 on Friday. Spotify Technology S.A. has a 12 month low of $228.07 and a 12 month high of $632.45. The company has a 50-day moving average price of $493.96 and a 200 day moving average price of $414.66. The company has a market cap of $124.12 billion, a price-to-earnings ratio of 104.80 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last announced 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). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the prior year, the company posted $0.36 EPS. The company’s revenue was up 18.8% compared to the same quarter last year. As a group, equities analysts forecast that Spotify Technology S.A. will post 9.69 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Pivotal Research lifted their price target on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Canaccord Genuity Group increased their target price on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research note on Wednesday. KeyCorp raised their price objective on shares of Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Rosenblatt Securities reiterated a “neutral” rating and set a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday. Finally, Bank of America upped their price objective on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $514.79.

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.