Putney Financial Group LLC Buys 44 Shares of Spotify Technology $SPOT

Putney Financial Group LLC raised its stake in Spotify Technology (NYSE:SPOT) by 244.4% during the second quarter, HoldingsChannel reports. The institutional investor owned 62 shares of the company’s stock after acquiring an additional 44 shares during the period. Putney Financial Group LLC’s holdings in Spotify Technology were worth $48,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Simon Quick Advisors LLC lifted its stake in shares of Spotify Technology by 30.6% in the second quarter. Simon Quick Advisors LLC now owns 1,679 shares of the company’s stock worth $1,288,000 after acquiring an additional 393 shares during the period. Strs Ohio increased its position in Spotify Technology by 127.3% during the 2nd quarter. Strs Ohio now owns 79,037 shares of the company’s stock valued at $60,648,000 after purchasing an additional 44,263 shares during the period. Impact Partnership Wealth LLC bought a new position in Spotify Technology during the 2nd quarter worth approximately $1,001,000. Amalgamated Bank raised its holdings in Spotify Technology by 17.1% during the 2nd quarter. Amalgamated Bank now owns 12,536 shares of the company’s stock worth $9,619,000 after purchasing an additional 1,828 shares during the last quarter. Finally, Atria Investments Inc lifted its position in shares of Spotify Technology by 5.2% in the 2nd quarter. Atria Investments Inc now owns 9,939 shares of the company’s stock worth $7,627,000 after purchasing an additional 490 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

SPOT stock opened at $655.82 on Friday. The company’s 50-day moving average is $692.38 and its 200-day moving average is $679.59. The stock has a market capitalization of $134.25 billion, a PE ratio of 159.18, a price-to-earnings-growth ratio of 3.51 and a beta of 1.67. Spotify Technology has a 1 year low of $376.04 and a 1 year high of $785.00.

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SPOT. KeyCorp decreased their price objective on shares of Spotify Technology from $860.00 to $830.00 and set an “overweight” rating for the company in a research report on Wednesday, July 30th. Barclays decreased their price target on Spotify Technology from $800.00 to $750.00 and set an “overweight” rating for the company in a report on Wednesday, July 30th. Sanford C. Bernstein boosted their price objective on Spotify Technology from $825.00 to $840.00 and gave the company an “outperform” rating in a research note on Tuesday, July 8th. Oppenheimer upped their target price on Spotify Technology from $750.00 to $825.00 and gave the company an “outperform” rating in a research report on Monday, August 18th. Finally, JPMorgan Chase & Co. lifted their target price on Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $731.81.

About Spotify Technology

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.