Savvy Advisors Inc. Raises Stock Position in Spotify Technology $SPOT

Savvy Advisors Inc. raised its stake in shares of Spotify Technology (NYSE:SPOT) by 17.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,000 shares of the company’s stock after purchasing an additional 441 shares during the period. Savvy Advisors Inc.’s holdings in Spotify Technology were worth $2,302,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Jennison Associates LLC boosted its holdings in Spotify Technology by 42.3% in the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company’s stock worth $2,336,494,000 after buying an additional 1,262,614 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Spotify Technology by 3.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company’s stock valued at $1,939,949,000 after acquiring an additional 112,553 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Spotify Technology by 1,151.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company’s stock worth $957,494,000 after purchasing an additional 1,601,653 shares in the last quarter. Northern Trust Corp raised its stake in Spotify Technology by 10.3% in the 1st quarter. Northern Trust Corp now owns 1,574,482 shares of the company’s stock valued at $866,012,000 after purchasing an additional 147,580 shares during the last quarter. Finally, Forsta AP Fonden lifted its holdings in Spotify Technology by 12.6% in the 1st quarter. Forsta AP Fonden now owns 1,559,652 shares of the company’s stock valued at $857,855,000 after purchasing an additional 174,700 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. UBS Group reduced their target price on shares of Spotify Technology from $895.00 to $850.00 and set a “buy” rating for the company in a research report on Wednesday, July 30th. BNP Paribas Exane initiated coverage on shares of Spotify Technology in a report on Tuesday, September 16th. They issued an “outperform” rating and a $900.00 price objective for the company. Oppenheimer boosted their target price on Spotify Technology from $750.00 to $825.00 and gave the stock an “outperform” rating in a report on Monday, August 18th. Barclays dropped their price target on Spotify Technology from $800.00 to $750.00 and set an “overweight” rating for the company in a research report on Wednesday, July 30th. Finally, BNP Paribas upgraded Spotify Technology to a “strong-buy” rating in a research report on Tuesday, September 16th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $731.81.

Spotify Technology Stock Up 2.1%

SPOT stock opened at $666.97 on Thursday. Spotify Technology has a 52-week low of $376.04 and a 52-week high of $785.00. The stock has a market cap of $136.54 billion, a price-to-earnings ratio of 161.89, a price-to-earnings-growth ratio of 3.11 and a beta of 1.67. The business has a fifty day moving average of $693.07 and a two-hundred day moving average of $679.75.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of $2.00 by ($2.42). The business had revenue of $4.94 billion during the quarter, compared to analyst estimates of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period last year, the company earned $1.33 EPS. As a group, sell-side analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Spotify Technology Company 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.