Nations Financial Group Inc. IA ADV Takes $706,000 Position in Spotify Technology $SPOT

Nations Financial Group Inc. IA ADV acquired a new stake in shares of Spotify Technology (NYSE:SPOT) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,011 shares of the company’s stock, valued at approximately $706,000.

Several other institutional investors and hedge funds also recently made changes to their positions in SPOT. Helios Capital Management PTE. Ltd. lifted its stake in Spotify Technology by 56.3% in the 3rd quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock worth $5,235,000 after purchasing an additional 2,700 shares in the last quarter. Generali Asset Management SPA SGR increased its holdings in shares of Spotify Technology by 30.9% in the third quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock worth $46,692,000 after buying an additional 16,054 shares during the period. Cynosure Group LLC purchased a new position in shares of Spotify Technology in the third quarter worth about $2,862,000. Legacy Capital Group California Inc. lifted its stake in shares of Spotify Technology by 110.9% in the 2nd quarter. Legacy Capital Group California Inc. now owns 3,896 shares of the company’s stock valued at $2,990,000 after acquiring an additional 2,049 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Spotify Technology during the 2nd quarter valued at about $18,877,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 0.6%

NYSE:SPOT opened at $505.04 on Tuesday. The firm’s fifty day simple moving average is $580.38 and its 200 day simple moving average is $649.87. The stock has a market cap of $103.98 billion, a P/E ratio of 79.41, a price-to-earnings-growth ratio of 0.96 and a beta of 1.66. Spotify Technology has a twelve month low of $475.01 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, topping the consensus estimate of $1.87 by $1.96. The firm had revenue of $5.01 billion during 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 company’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period last year, the company posted $1.45 EPS. On average, analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of analyst reports. Pivotal Research decreased their price target on Spotify Technology from $900.00 to $875.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Benchmark decreased their target price on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research note on Friday. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. JPMorgan Chase & Co. raised their price target on shares of Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Finally, Erste Group Bank cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. Two equities research 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 company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $743.90.

About Spotify Technology

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.