Spotify Technology $SPOT Shares Acquired by Baird Financial Group Inc.

Baird Financial Group Inc. grew its position in shares of Spotify Technology (NYSE:SPOT) by 60.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,775 shares of the company’s stock after purchasing an additional 17,157 shares during the quarter. Baird Financial Group Inc.’s holdings in Spotify Technology were worth $35,125,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in SPOT. Sound Income Strategies LLC increased its holdings in Spotify Technology by 156.3% in the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after buying an additional 25 shares in the last quarter. GFG Capital LLC purchased a new position in shares of Spotify Technology in the 2nd quarter valued at about $33,000. Avion Wealth acquired a new position in Spotify Technology in the 2nd quarter worth about $38,000. Truvestments Capital LLC acquired a new position in Spotify Technology in the 1st quarter worth about $34,000. Finally, Putney Financial Group LLC boosted its position in Spotify Technology by 244.4% during the second quarter. Putney Financial Group LLC now owns 62 shares of the company’s stock worth $48,000 after purchasing an additional 44 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on SPOT shares. Erste Group Bank cut Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday. Wall Street Zen raised shares of Spotify Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Citigroup increased their price objective on shares of Spotify Technology from $715.00 to $750.00 and gave the company a “neutral” rating in a report on Tuesday, September 9th. Phillip Securities upgraded shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Finally, JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $758.86.

Spotify Technology Stock Up 0.8%

Shares of NYSE:SPOT opened at $565.62 on Friday. Spotify Technology has a 52-week low of $443.21 and a 52-week high of $785.00. The stock has a market cap of $116.46 billion, a P/E ratio of 88.93, a PEG ratio of 1.85 and a beta of 1.66. The business has a fifty day moving average of $642.44 and a two-hundred day moving average of $679.17.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, beating the consensus estimate of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The firm had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. During the same quarter in the previous year, the company posted $1.45 EPS. The company’s revenue was up 7.1% compared to the same quarter last year. On average, equities analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current 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.