Spotify Technology $SPOT Position Increased by Rathbones Group PLC

Rathbones Group PLC boosted its stake in shares of Spotify Technology (NYSE:SPOT) by 123.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,442 shares of the company’s stock after purchasing an additional 7,421 shares during the quarter. Rathbones Group PLC’s holdings in Spotify Technology were worth $9,383,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Knuff & Co LLC acquired a new position in shares of Spotify Technology during the second quarter valued at $27,000. Heartwood Wealth Advisors LLC acquired a new stake in shares of Spotify Technology in the 3rd quarter worth about $27,000. Greykasell Wealth Strategies Inc. lifted its position in 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. Total Investment Management Inc. acquired a new position in Spotify Technology during the 2nd quarter valued at about $29,000. Finally, Westfuller Advisors LLC acquired a new position in Spotify Technology during the 3rd quarter valued at about $29,000. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Guggenheim dropped their price target on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Wells Fargo & Company reduced their price objective on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Benchmark decreased their price objective on Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a report on Friday, January 16th. Erste Group Bank downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. Finally, Phillip Securities upgraded Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $698.91.

Spotify Technology Stock Performance

SPOT opened at $566.73 on Monday. The company has a market capitalization of $116.68 billion, a PE ratio of 58.79, a P/E/G ratio of 1.23 and a beta of 1.66. The stock’s fifty day moving average is $507.95 and its 200-day moving average is $600.68. Spotify Technology has a one year low of $405.00 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $3.16 by $2.00. The business had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The company’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter last year, the business posted $1.88 earnings per share. On average, equities research analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

Spotify Technology Company 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.