Harvest Fund Management Co. Ltd Purchases Shares of 1,237 Spotify Technology S.A. (NYSE:SPOT)

Harvest Fund Management Co. Ltd acquired a new position in Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, HoldingsChannel.com reports. The firm acquired 1,237 shares of the company’s stock, valued at approximately $232,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Technology Crossover Management XI Ltd. increased its stake in Spotify Technology by 36.2% during the third quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock worth $200,618,000 after purchasing an additional 344,841 shares during the period. Nordea Investment Management AB increased its stake in Spotify Technology by 7.9% during the 4th quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock worth $46,927,000 after buying an additional 18,105 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Spotify Technology by 410.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock worth $18,372,000 after buying an additional 78,609 shares in the last quarter. GSA Capital Partners LLP raised its stake in shares of Spotify Technology by 452.4% in the third quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock valued at $2,202,000 after acquiring an additional 11,664 shares in the last quarter. Finally, Rheos Capital Works Inc. raised its stake in shares of Spotify Technology by 205.7% in the fourth quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock valued at $20,106,000 after acquiring an additional 72,000 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on SPOT shares. UBS Group upped their price target on Spotify Technology from $274.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Canaccord Genuity Group lifted their price target on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a research note on Monday. HSBC boosted their price target on shares of Spotify Technology from $310.00 to $355.00 and gave the stock a “buy” rating in a report on Wednesday. TheStreet upgraded shares of Spotify Technology from a “d+” rating to a “c-” rating in a report on Friday, February 9th. Finally, Pivotal Research boosted their target price on shares of Spotify Technology from $390.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday. Eight research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus target price of $301.81.

Spotify Technology Stock Down 3.1 %

NYSE SPOT opened at $272.60 on Thursday. The firm has a market cap of $54.06 billion, a P/E ratio of -419.90 and a beta of 1.63. Spotify Technology S.A. has a 52-week low of $128.67 and a 52-week high of $319.30. The business’s 50-day moving average price is $269.74 and its 200 day moving average price is $217.24.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.42. The company had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative return on equity of 4.91% and a negative net margin of 0.80%. During the same period last year, the business posted ($1.24) EPS. As a group, analysts anticipate that Spotify Technology S.A. will post 3.52 earnings per share for the current 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.