Exane Asset Management Invests $4.29 Million in Spotify Technology S.A. (NYSE:SPOT)

Exane Asset Management bought a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, Holdings Channel reports. The fund bought 9,256 shares of the company’s stock, valued at approximately $4,288,000. Spotify Technology makes up approximately 2.4% of Exane Asset Management’s portfolio, making the stock its 12th largest position.

A number of other institutional investors have also recently added to or reduced their stakes in SPOT. Prestige Wealth Management Group LLC purchased a new position in Spotify Technology during the third quarter valued at $26,000. Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology during the 3rd quarter worth about $33,000. Larson Financial Group LLC lifted its stake in Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in Spotify Technology in the 3rd quarter worth about $40,000. Finally, Rakuten Securities Inc. increased its stake in Spotify Technology by 40.5% during the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after buying an additional 32 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SPOT shares. UBS Group raised their target price on Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Rosenblatt Securities restated a “neutral” rating and issued a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday. The Goldman Sachs Group lifted their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research note on Thursday. Barclays increased their target price on shares of Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, TD Cowen boosted their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $514.79.

Spotify Technology Stock Performance

Spotify Technology stock opened at $623.54 on Friday. The company’s 50 day simple moving average is $491.03 and its 200-day simple moving average is $412.38. Spotify Technology S.A. has a 1 year low of $228.07 and a 1 year high of $632.45. The company has a market capitalization of $124.12 billion, a price-to-earnings ratio of 104.80 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter last year, the company earned $0.36 earnings per share. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. Equities analysts expect that Spotify Technology S.A. will post 9.69 earnings per share for the current 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.