Spotify Technology S.A. (NYSE:SPOT) Shares Acquired by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. increased its stake in Spotify Technology S.A. (NYSE:SPOT) by 2.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,398 shares of the company’s stock after acquiring an additional 33 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Spotify Technology were worth $625,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Aigen Investment Management LP grew its holdings in shares of Spotify Technology by 42.4% in the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after acquiring an additional 2,918 shares during the last quarter. Pathway Capital Management LP grew its holdings in shares of Spotify Technology by 23.8% during the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after buying an additional 11,042 shares in the last quarter. Perpetual Ltd grew its holdings in shares of Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after buying an additional 148,431 shares in the last quarter. Covenant Asset Management LLC purchased a new position in shares of Spotify Technology during the third quarter valued at $3,364,000. Finally, Jag Capital Management LLC purchased a new position in shares of Spotify Technology during the third quarter valued at $13,569,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their price objective on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Canaccord Genuity Group lifted their price objective on Spotify Technology from $525.00 to $560.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. Deutsche Bank Aktiengesellschaft boosted their price target on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Benchmark boosted their price objective on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Finally, Phillip Securities reissued an “accumulate” rating and set a $485.00 price objective (up previously from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $433.36.

Spotify Technology Trading Down 0.6 %

SPOT stock opened at $456.85 on Tuesday. The stock has a 50-day moving average price of $461.72 and a two-hundred day moving average price of $385.72. The stock has a market cap of $90.94 billion, a PE ratio of 124.14 and a beta of 1.62. Spotify Technology S.A. has a 1 year low of $191.88 and a 1 year high of $506.47.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. Spotify Technology’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter last year, the company posted $0.36 EPS. On average, analysts forecast that Spotify Technology S.A. will post 6.02 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.