Morgan Stanley Investment Managem recently announced the acquisition of new stake in Spotify Technology S.A. (NYSE:SPOT). The institutional investor has increased its shareholding in the Communication Services company by 0.07% to 8.32 million shares with purchase of 5442.0 shares. This fresh investment now brings its stake to 4.31% valued currently at $1.37 billion. In addition, T. Rowe Price Associates, Inc. raised its holdings by 1.69 million to 7.8 million shares. And T. Rowe Price Investment Manageme has lifted its position by 38.34% or 1.24 million shares – to 4.48 million shares.
With over 6.82 million Spotify Technology S.A. (SPOT) shares trading Monday and a closing price of $194.17 on the day, the dollar volume was approximately $1.32 billion. The shares have shown a positive half year performance of 24.20% and its price on 12/04/23 gained nearly 7.46%. Currently, there are 193.29M common shares owned by the public and among those 132.47M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 33 analysts who have offered their price forecasts for SPOT have a consensus price objective of $177.64. The analysts have set the share’s price value over the next 12 months at a high of $235.87 and a low of $138.70. The average price target is 0.48% above its recent price level and a downside to the estimated low will see the stock lose -39.99% over that period. But an upside of 17.68% will see the stock hit the forecast high price target while median target price for the stock is $177.38.
The top 3 mutual fund holders in Spotify Technology S.A. are Vanguard International Growth Fun, Morgan Stanley Invt. Fds. – Globa, and T Rowe Price Mid Cap Growth Fund. Vanguard International Growth Fun owns 7.93 million shares of the company’s stock, all valued at over $1.31 billion. The company sold -1.38 million shares recently to bring their total holdings to about 4.11% of the shares outstanding. T Rowe Price Mid Cap Growth Fund bought 0.6 million shares to bring its total holdings to over 2.2 million shares at a value of $362.41 million. T Rowe Price Mid Cap Growth Fund now owns shares totaling to 1.14% of the shares outstanding.
Shares of Spotify Technology S.A. (NYSE: SPOT) opened at $193.00, up $12.31 from a prior closing price of $180.69. However, the script later moved the day high at 201.41, up 7.46%. The company’s stock has a 5-day price change of 6.08% and 21.87% over the past three months. SPOT shares are trading 145.94% year to date (YTD), with the 12-month market performance up to 144.39% higher. It has a 12-month low price of $71.72 and touched a high of $185.59 over the same period. SPOT has an average intraday trading volume of 1.61 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 10.33%, 17.68%, and 30.43% respectively.
Institutional ownership of Spotify Technology S.A. (NYSE: SPOT) shares accounts for 58.55% of the company’s 193.29M shares outstanding. Mutual fund holders own 28.26%, while other institutional holders and individual stakeholders account for 29.71% and — respectively.
It has a market capitalization of $36.88B and a beta (3y monthly) value of 1.64. The earnings-per-share (ttm) stands at -$4.01. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.68% over the week and 2.40% over the month.
Analysts forecast that Spotify Technology S.A. (SPOT) will achieve an EPS of $0.31 for the current quarter, $0.2 for the next quarter and $1.37 for 2024. The lowest estimate earnings-per-share for the quarter is $0.05 while analysts give the company a high EPS estimate of $0.68. Comparatively, EPS for the current quarter was -$1.51 a year ago. Earnings per share for the fiscal year are expected to increase by 25.42%, and 164.52% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 33 brokerage firm advisors rate Spotify Technology S.A. (SPOT) as a “Moderate Buy” at a consensus score of 2.06. Specifically, 13 Wall Street analysts polled rate the stock as a buy, while 15 of the 33 advise that investors “hold,” and 0 rated it as a “Sell.”
