Blair William & Co. IL Raises Position in Spotify Technology $SPOT

Blair William & Co. IL lifted its holdings in Spotify Technology (NYSE:SPOT) by 350.6% in the third quarter, Holdings Channel reports. The firm owned 39,453 shares of the company’s stock after buying an additional 30,697 shares during the period. Blair William & Co. IL’s holdings in Spotify Technology were worth $27,538,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Knuff & Co LLC acquired a new stake in Spotify Technology in the second quarter worth about $27,000. Total Investment Management Inc. acquired a new position in shares of Spotify Technology during the second quarter valued at about $29,000. Heartwood Wealth Advisors LLC acquired a new position in shares of Spotify Technology during the third quarter valued at about $27,000. Greykasell Wealth Strategies Inc. raised its position in shares of Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 38 shares during the last quarter. Finally, Westfuller Advisors LLC purchased a new position in shares of Spotify Technology in the 3rd quarter valued at approximately $29,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on SPOT shares. Guggenheim dropped their target price on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. Barclays raised their price target on shares of Spotify Technology from $625.00 to $650.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. Arete Research upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective for the company in a research note on Thursday, February 26th. UBS Group dropped their price objective on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a report on Friday, January 9th. Finally, Phillip Securities raised Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $698.91.

Spotify Technology Trading Up 2.6%

SPOT opened at $566.73 on Friday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The firm has a 50 day moving average of $507.95 and a two-hundred day moving average of $601.40. The firm has a market capitalization of $116.65 billion, a PE ratio of 58.79, a P/E/G ratio of 1.23 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $3.16 by $2.00. The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.88 EPS. As a group, analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Spotify Technology Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.