Beck Bode LLC Invests $9.61 Million in Spotify Technology S.A. (NYSE:SPOT)

Beck Bode LLC purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 51,131 shares of the company’s stock, valued at approximately $9,608,000. Spotify Technology comprises about 2.2% of Beck Bode LLC’s holdings, making the stock its 17th largest holding.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Asset Management One Co. Ltd. increased its holdings in Spotify Technology by 87.7% in the 3rd quarter. Asset Management One Co. Ltd. now owns 49,807 shares of the company’s stock valued at $7,702,000 after purchasing an additional 23,272 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in Spotify Technology by 0.9% in the 3rd quarter. Handelsbanken Fonder AB now owns 25,475 shares of the company’s stock valued at $3,939,000 after purchasing an additional 236 shares during the last quarter. Harbor Capital Advisors Inc. boosted its position in Spotify Technology by 6.6% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 2,315 shares of the company’s stock valued at $358,000 after buying an additional 143 shares during the period. Xponance Inc. boosted its position in Spotify Technology by 2.4% in the 3rd quarter. Xponance Inc. now owns 19,908 shares of the company’s stock valued at $3,079,000 after buying an additional 473 shares during the period. Finally, Mount Vernon Associates Inc. MD boosted its position in Spotify Technology by 2.8% in the 3rd quarter. Mount Vernon Associates Inc. MD now owns 7,320 shares of the company’s stock valued at $1,132,000 after buying an additional 200 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

NYSE SPOT traded down $5.78 during trading on Tuesday, reaching $280.46. The company’s stock had a trading volume of 1,255,117 shares, compared to its average volume of 2,189,836. The firm has a market cap of $55.62 billion, a price-to-earnings ratio of -418.59 and a beta of 1.63. Spotify Technology S.A. has a twelve month low of $129.23 and a twelve month high of $319.30. The business’s fifty day moving average price is $273.02 and its 200-day moving average price is $221.32.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. The company had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same period in the previous year, the business posted ($1.24) earnings per share. As a group, sell-side analysts forecast that Spotify Technology S.A. will post 4.49 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have commented on SPOT shares. Raymond James raised their price target on shares of Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a research report on Monday, April 15th. DZ Bank raised shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price target for the company in a research report on Wednesday, February 7th. Rosenblatt Securities raised their price target on shares of Spotify Technology from $315.00 to $396.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Pivotal Research raised their price target on shares of Spotify Technology from $390.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Finally, Loop Capital lifted their price objective on shares of Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a research report on Monday, April 22nd. Eight analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $301.81.

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.