Spotify Technology S.A. (NYSE:SPOT) Shares Acquired by American International Group Inc.

American International Group Inc. grew its holdings in Spotify Technology S.A. (NYSE:SPOT) by 25.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,607 shares of the company’s stock after acquiring an additional 524 shares during the quarter. American International Group Inc.’s holdings in Spotify Technology were worth $419,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Ameritas Advisory Services LLC purchased a new position in shares of Spotify Technology in the first quarter worth about $27,000. Activest Wealth Management purchased a new position in shares of Spotify Technology in the second quarter worth about $28,000. Spire Wealth Management raised its stake in shares of Spotify Technology by 148.4% in the first quarter. Spire Wealth Management now owns 236 shares of the company’s stock worth $32,000 after purchasing an additional 141 shares during the last quarter. First Manhattan Co. raised its stake in shares of Spotify Technology by 65.8% in the first quarter. First Manhattan Co. now owns 252 shares of the company’s stock worth $38,000 after purchasing an additional 100 shares during the last quarter. Finally, Parkside Financial Bank & Trust raised its stake in shares of Spotify Technology by 40.8% in the first quarter. Parkside Financial Bank & Trust now owns 383 shares of the company’s stock worth $51,000 after purchasing an additional 111 shares during the last quarter. Institutional investors and hedge funds own 56.89% of the company’s stock.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $176.05 on Friday. Spotify Technology S.A. has a one year low of $70.18 and a one year high of $182.00. The business’s fifty day moving average price is $160.65 and its two-hundred day moving average price is $154.45. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.27 and a current ratio of 1.27. The stock has a market cap of $34.27 billion, a PE ratio of -44.01 and a beta of 1.65.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, October 24th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.56. Spotify Technology had a negative return on equity of 32.26% and a negative net margin of 5.70%. The business had revenue of $3.65 billion for the quarter, compared to analysts’ expectations of $3.62 billion. On average, analysts forecast that Spotify Technology S.A. will post -2.15 EPS for the current fiscal year.

Analyst Ratings Changes

SPOT has been the subject of several recent research reports. TD Cowen initiated coverage on Spotify Technology in a research report on Monday, October 23rd. They set a “market perform” rating and a $129.00 price target for the company. JPMorgan Chase & Co. lifted their price target on Spotify Technology from $190.00 to $205.00 and gave the company an “overweight” rating in a research report on Wednesday, October 25th. Rosenblatt Securities lifted their price target on Spotify Technology from $141.00 to $150.00 and gave the company a “neutral” rating in a research report on Wednesday, July 26th. KeyCorp lifted their price target on Spotify Technology from $205.00 to $210.00 and gave the company an “overweight” rating in a research report on Wednesday, October 25th. Finally, Benchmark reduced their price target on Spotify Technology from $205.00 to $195.00 and set a “buy” rating for the company in a research report on Monday, October 23rd. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $169.50.

About Spotify Technology

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.