Creekmur Asset Management LLC Raises Stake in Spotify Technology $SPOT

Creekmur Asset Management LLC boosted its holdings in shares of Spotify Technology (NYSE:SPOT) by 42,500.0% during the 2nd quarter, HoldingsChannel reports. The firm owned 852 shares of the company’s stock after purchasing an additional 850 shares during the period. Creekmur Asset Management LLC’s holdings in Spotify Technology were worth $654,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sapient Capital LLC acquired a new stake in shares of Spotify Technology in the 2nd quarter worth $322,000. Swedbank AB lifted its stake in shares of Spotify Technology by 1.4% in the 1st quarter. Swedbank AB now owns 959,587 shares of the company’s stock worth $527,802,000 after acquiring an additional 13,458 shares during the period. Legacy Capital Group California Inc. lifted its stake in shares of Spotify Technology by 110.9% in the 2nd quarter. Legacy Capital Group California Inc. now owns 3,896 shares of the company’s stock worth $2,990,000 after acquiring an additional 2,049 shares during the period. Harbor Investment Advisory LLC boosted its holdings in Spotify Technology by 36.0% in the 2nd quarter. Harbor Investment Advisory LLC now owns 2,054 shares of the company’s stock valued at $1,576,000 after purchasing an additional 544 shares in the last quarter. Finally, Annex Advisory Services LLC boosted its holdings in Spotify Technology by 56.9% in the 2nd quarter. Annex Advisory Services LLC now owns 53,984 shares of the company’s stock valued at $41,424,000 after purchasing an additional 19,577 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Down 1.5%

Shares of NYSE SPOT opened at $655.82 on Friday. Spotify Technology has a 52 week low of $376.04 and a 52 week high of $785.00. The firm has a 50-day moving average price of $692.38 and a 200 day moving average price of $679.59. The stock has a market capitalization of $134.25 billion, a price-to-earnings ratio of 159.18, a price-to-earnings-growth ratio of 3.51 and a beta of 1.67.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The company had revenue of $4.94 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same quarter last year, the business earned $1.33 EPS. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. Equities research analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on SPOT shares. BNP Paribas Exane started coverage on Spotify Technology in a report on Tuesday, September 16th. They issued an “outperform” rating and a $900.00 price objective on the stock. Rosenblatt Securities lifted their price objective on Spotify Technology from $679.00 to $700.00 and gave the company a “neutral” rating in a report on Wednesday. Wells Fargo & Company lifted their price objective on Spotify Technology from $740.00 to $750.00 and gave the company an “overweight” rating in a report on Tuesday, July 29th. Oppenheimer lifted their price objective on Spotify Technology from $750.00 to $825.00 and gave the company an “outperform” rating in a report on Monday, August 18th. Finally, DZ Bank raised Spotify Technology from a “sell” rating to a “hold” rating and set a $652.00 price objective on the stock in a report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and twelve have assigned a Hold 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 $731.81.

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.