Raymond James & Associates Has $9.42 Million Holdings in Spotify Technology S.A. (NYSE:SPOT)

Raymond James & Associates lessened its stake in Spotify Technology S.A. (NYSE:SPOT) by 3.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,030 shares of the company’s stock after selling 1,179 shares during the quarter. Raymond James & Associates’ holdings in Spotify Technology were worth $9,423,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Objectivity Squared LLC lifted its holdings in Spotify Technology by 10.9% during the 2nd quarter. Objectivity Squared LLC now owns 1,941 shares of the company’s stock valued at $579,000 after purchasing an additional 191 shares during the last quarter. Brookstone Capital Management lifted its holdings in Spotify Technology by 4.6% during the 2nd quarter. Brookstone Capital Management now owns 1,339 shares of the company’s stock valued at $395,000 after purchasing an additional 59 shares during the last quarter. Blue Trust Inc. lifted its holdings in Spotify Technology by 108.0% during the 2nd quarter. Blue Trust Inc. now owns 181 shares of the company’s stock valued at $57,000 after purchasing an additional 94 shares during the last quarter. LA Financiere DE L Echiquier lifted its holdings in Spotify Technology by 54.2% during the 2nd quarter. LA Financiere DE L Echiquier now owns 117,448 shares of the company’s stock valued at $36,854,000 after purchasing an additional 41,288 shares during the last quarter. Finally, Valley National Advisers Inc. lifted its holdings in Spotify Technology by 30.4% during the 2nd quarter. Valley National Advisers Inc. now owns 270 shares of the company’s stock valued at $84,000 after purchasing an additional 63 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. UBS Group raised their price target on Spotify Technology from $375.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Guggenheim raised their price target on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Barclays lifted their target price on Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Wolfe Research initiated coverage on Spotify Technology in a report on Friday, July 12th. They set an “outperform” rating and a $390.00 target price for the company. Finally, Citigroup lifted their target price on Spotify Technology from $255.00 to $310.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $353.15.

Spotify Technology Stock Performance

Spotify Technology stock opened at $342.49 on Monday. Spotify Technology S.A. has a 12-month low of $133.69 and a 12-month high of $359.38. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The business’s 50-day moving average price is $321.38 and its two-hundred day moving average price is $295.37. The stock has a market cap of $65.14 billion, a PE ratio of -511.18 and a beta of 1.59.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same quarter in the previous year, the business posted ($1.69) earnings per share. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. As a group, analysts expect that Spotify Technology S.A. will post 6.32 earnings per share for the current fiscal year.

Spotify Technology Profile

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.