Empower Advisory Group LLC bought a new stake in shares of Spotify Technology S.A. (NYSE:SPOT – Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 2,085 shares of the company’s stock, valued at approximately $284,000.
Several other hedge funds and other institutional investors have also bought and sold shares of SPOT. Ameritas Advisory Services LLC acquired a new stake in shares of Spotify Technology in the 1st quarter worth $27,000. Spire Wealth Management boosted its position in shares of Spotify Technology by 148.4% in the 1st quarter. Spire Wealth Management now owns 236 shares of the company’s stock worth $32,000 after purchasing an additional 141 shares in the last quarter. First Manhattan Co. boosted its position in shares of Spotify Technology by 65.8% in the 1st quarter. First Manhattan Co. now owns 252 shares of the company’s stock worth $38,000 after purchasing an additional 100 shares in the last quarter. Machina Capital S.A.S. acquired a new stake in shares of Spotify Technology in the 1st quarter worth $38,000. Finally, Parkside Financial Bank & Trust boosted its stake in Spotify Technology by 40.8% in the 1st quarter. Parkside Financial Bank & Trust now owns 383 shares of the company’s stock worth $51,000 after purchasing an additional 111 shares in the last quarter. Institutional investors own 56.89% of the company’s stock.
Analysts Set New Price Targets
A number of analysts recently commented on the stock. Robert W. Baird lifted their target price on shares of Spotify Technology from $160.00 to $175.00 in a research note on Monday, June 5th. Truist Financial lifted their price target on Spotify Technology from $165.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday, September 6th. Deutsche Bank Aktiengesellschaft raised Spotify Technology from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research report on Wednesday, July 26th. The Goldman Sachs Group lifted their price target on Spotify Technology from $156.00 to $163.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 25th. Finally, Guggenheim lifted their price target on Spotify Technology from $165.00 to $180.00 in a research report on Tuesday, May 23rd. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $166.00.
Spotify Technology Stock Performance
Spotify Technology stock opened at $158.58 on Friday. The stock has a market capitalization of $30.87 billion, a P/E ratio of -29.64 and a beta of 1.73. The company’s fifty day moving average price is $151.16 and its 200 day moving average price is $144.69. Spotify Technology S.A. has a 1 year low of $69.29 and a 1 year high of $182.00.
Spotify Technology (NYSE:SPOT – Get Free Report) last announced its earnings results on Tuesday, July 25th. The company reported ($1.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.80) by ($0.89). The company had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.54 billion. Spotify Technology had a negative net margin of 7.79% and a negative return on equity of 42.48%. Sell-side analysts predict that Spotify Technology S.A. will post -3.12 EPS for the current year.
Spotify Technology Profile
Spotify Technology SA, together with its subsidiaries, provides audio streaming 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.
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