3,033 Shares in Spotify Technology S.A. (NYSE:SPOT) Purchased by Convergence Investment Partners LLC

Convergence Investment Partners LLC bought a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 3,033 shares of the company’s stock, valued at approximately $570,000.

Several other hedge funds have also recently modified their holdings of the company. Pinnacle Bancorp Inc. purchased a new position in shares of Spotify Technology in the 4th quarter worth about $29,000. GAMMA Investing LLC bought a new stake in Spotify Technology in the fourth quarter worth about $32,000. First Horizon Advisors Inc. boosted its stake in Spotify Technology by 195.0% in the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after acquiring an additional 117 shares during the last quarter. Lindbrook Capital LLC grew its position in shares of Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after acquiring an additional 50 shares during the period. Finally, Beaird Harris Wealth Management LLC increased its stake in shares of Spotify Technology by 2,540.0% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 264 shares of the company’s stock worth $41,000 after purchasing an additional 254 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

SPOT has been the topic of several research analyst reports. The Goldman Sachs Group upped their price objective on Spotify Technology from $277.00 to $317.00 and gave the company a “neutral” rating in a research note on Wednesday, April 24th. Deutsche Bank Aktiengesellschaft lifted their price objective on Spotify Technology from $260.00 to $340.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Piper Sandler reaffirmed a “neutral” rating and set a $320.00 price objective (up from $300.00) on shares of Spotify Technology in a report on Wednesday, April 24th. JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $320.00 to $365.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 24th. Finally, Wells Fargo & Company raised their price objective on shares of Spotify Technology from $250.00 to $280.00 and gave the stock an “overweight” rating in a report on Wednesday, January 31st. Eight investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $301.81.

Spotify Technology Price Performance

NYSE:SPOT opened at $289.59 on Monday. Spotify Technology S.A. has a 1-year low of $128.67 and a 1-year high of $319.30. The business has a 50 day moving average of $271.48 and a 200 day moving average of $219.53. The company has a market capitalization of $57.43 billion, a price-to-earnings ratio of -432.22 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data 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 firm had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.87 billion. During the same period in the previous year, the business posted ($1.24) EPS. As a group, sell-side analysts anticipate that Spotify Technology S.A. will post 4.49 EPS for the current year.

Spotify Technology Company 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.