Farther Finance Advisors LLC Has $2.78 Million Stake in Spotify Technology $SPOT

Farther Finance Advisors LLC grew its holdings in shares of Spotify Technology (NYSE:SPOT) by 45.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,989 shares of the company’s stock after acquiring an additional 1,243 shares during the period. Farther Finance Advisors LLC’s holdings in Spotify Technology were worth $2,784,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in SPOT. Knuff & Co LLC acquired a new stake in Spotify Technology during the second quarter worth approximately $27,000. Total Investment Management Inc. acquired a new position in Spotify Technology in the second quarter valued at approximately $29,000. Heartwood Wealth Advisors LLC bought a new position in shares of Spotify Technology during the 3rd quarter worth approximately $27,000. Sound Income Strategies LLC grew its position in shares of Spotify Technology by 156.3% during the 2nd quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock worth $31,000 after buying an additional 25 shares during the period. Finally, GFG Capital LLC acquired a new stake in shares of Spotify Technology during the 2nd quarter worth approximately $33,000. 84.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of research reports. Citigroup boosted their target price on shares of Spotify Technology from $715.00 to $750.00 and gave the company a “neutral” rating in a research report on Tuesday, September 9th. Citizens Jmp assumed coverage on shares of Spotify Technology in a report on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price objective on the stock. Argus began coverage on shares of Spotify Technology in a research report on Monday, September 29th. They set a “buy” rating and a $845.00 price objective on the stock. BNP Paribas upgraded Spotify Technology to a “strong-buy” rating in a research note on Tuesday, September 16th. Finally, Benchmark boosted their target price on Spotify Technology from $800.00 to $860.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $760.23.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $585.88 on Friday. The company has a 50-day moving average price of $613.38 and a 200-day moving average price of $671.04. The stock has a market capitalization of $120.63 billion, a P/E ratio of 92.12, a P/E/G ratio of 1.89 and a beta of 1.66. Spotify Technology has a 1 year low of $443.21 and a 1 year high of $785.00.

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. The business had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.45 EPS. As a group, equities research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Spotify Technology 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.