Gabelli Funds LLC Acquires 886 Shares of Spotify Technology S.A. (NYSE:SPOT)

Gabelli Funds LLC raised its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 1.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 47,599 shares of the company’s stock after purchasing an additional 886 shares during the period. Gabelli Funds LLC’s holdings in Spotify Technology were worth $12,561,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. GQG Partners LLC bought a new position in shares of Spotify Technology during the first quarter valued at approximately $610,040,000. Artisan Partners Limited Partnership increased its position in shares of Spotify Technology by 24.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock valued at $263,226,000 after acquiring an additional 277,733 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Spotify Technology by 4.0% during the first quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock valued at $161,645,000 after acquiring an additional 23,675 shares in the last quarter. TD Asset Management Inc increased its position in shares of Spotify Technology by 2.4% during the first quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock valued at $135,339,000 after acquiring an additional 12,192 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Spotify Technology by 28.1% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 501,072 shares of the company’s stock valued at $132,233,000 after acquiring an additional 109,776 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

SPOT has been the subject of several analyst reports. Jefferies Financial Group reissued a “buy” rating and set a $385.00 price target (up previously from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. Morgan Stanley lifted their target price on shares of Spotify Technology from $370.00 to $400.00 and gave the stock an “overweight” rating in a research report on Wednesday. Rosenblatt Securities lifted their target price on shares of Spotify Technology from $396.00 to $399.00 and gave the stock a “buy” rating in a research report on Wednesday. Loop Capital lifted their target price on shares of Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a research report on Monday, April 22nd. Finally, Raymond James lifted their target price on shares of Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a research report on Monday, April 15th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the company. Based on data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus target price of $353.15.

Spotify Technology Trading Down 2.1 %

Shares of Spotify Technology stock traded down $7.07 on Friday, reaching $321.88. The company had a trading volume of 1,986,644 shares, compared to its average volume of 2,190,823. The firm’s 50 day moving average price is $310.88 and its two-hundred day moving average price is $277.48. The firm has a market cap of $64.07 billion, a PE ratio of -480.41, a PEG ratio of 0.74 and a beta of 1.59. Spotify Technology S.A. has a 52-week low of $129.23 and a 52-week high of $346.23. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.42 and a current ratio of 1.56.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same period in the previous year, the firm earned ($1.69) EPS. The business’s revenue was up 19.8% on a year-over-year basis. Sell-side analysts predict that Spotify Technology S.A. will post 5.88 earnings per share for the current fiscal year.

About Spotify Technology

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.