K.J. Harrison & Partners Inc Invests $1.28 Million in Spotify Technology S.A. (NYSE:SPOT)

K.J. Harrison & Partners Inc acquired a new stake in Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, Holdings Channel reports. The institutional investor acquired 6,812 shares of the company’s stock, valued at approximately $1,280,000.

A number of other institutional investors and hedge funds have also made changes to their positions in SPOT. Wellington Management Group LLP increased its holdings in Spotify Technology by 61.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock valued at $459,364,000 after acquiring an additional 1,133,305 shares in the last quarter. Schroder Investment Management Group raised its stake in shares of Spotify Technology by 303.4% in the 3rd quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock valued at $203,396,000 after acquiring an additional 989,243 shares during the period. Artisan Partners Limited Partnership boosted its position in shares of Spotify Technology by 194.7% in the third quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock worth $173,673,000 after buying an additional 741,955 shares during the period. Massachusetts Financial Services Co. MA grew its position in 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 acquiring an additional 523,237 shares in the last quarter. Finally, Citigroup Inc. boosted its position in Spotify Technology by 1,037.4% in the 3rd quarter. Citigroup Inc. now owns 386,191 shares of the company’s stock valued at $59,721,000 after buying an additional 352,237 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SPOT. Benchmark lifted their price target on Spotify Technology from $325.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday. Guggenheim raised their price target on shares of Spotify Technology from $290.00 to $350.00 and gave the company a “buy” rating in a research note on Wednesday. TheStreet upgraded shares of Spotify Technology from a “d+” rating to a “c-” rating in a research note on Friday, February 9th. Macquarie upped their target price on Spotify Technology from $300.00 to $330.00 and gave the stock an “outperform” rating in a research report on Monday, April 22nd. Finally, Bank of America lifted their price objective on shares of Spotify Technology from $315.00 to $370.00 and gave the stock a “buy” rating in a research note on Wednesday. Eight analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $301.81.

Spotify Technology Stock Performance

SPOT traded up $0.57 during midday trading on Friday, reaching $289.59. 2,477,228 shares of the company were exchanged, compared to its average volume of 3,137,877. The company has a market cap of $57.43 billion, a price-to-earnings ratio of -432.35 and a beta of 1.63. Spotify Technology S.A. has a one year low of $128.67 and a one year high of $319.30. The company’s fifty day moving average price is $271.48 and its 200 day moving average price is $218.66.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The firm had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter in the prior year, the company earned ($1.24) EPS. As a group, sell-side analysts anticipate that Spotify Technology S.A. will post 4.02 earnings per share for the current fiscal year.

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.