Fulton Bank N.A. Acquires 530 Shares of Spotify Technology S.A. (NYSE:SPOT)

Fulton Bank N.A. boosted its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 55.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,489 shares of the company’s stock after acquiring an additional 530 shares during the quarter. Fulton Bank N.A.’s holdings in Spotify Technology were worth $819,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Merit Financial Group LLC raised its position in Spotify Technology by 28.7% during the first quarter. Merit Financial Group LLC now owns 4,180 shares of the company’s stock valued at $2,299,000 after acquiring an additional 932 shares in the last quarter. Harbor Investment Advisory LLC grew its holdings in Spotify Technology by 1,298.1% during the first quarter. Harbor Investment Advisory LLC now owns 1,510 shares of the company’s stock valued at $831,000 after purchasing an additional 1,402 shares during the last quarter. LVW Advisors LLC lifted its stake in shares of Spotify Technology by 65.0% in the first quarter. LVW Advisors LLC now owns 1,076 shares of the company’s stock worth $592,000 after buying an additional 424 shares during the last quarter. NBC Securities Inc. bought a new stake in shares of Spotify Technology during the 1st quarter worth $384,000. Finally, 180 Wealth Advisors LLC boosted its holdings in shares of Spotify Technology by 6.8% during the 1st quarter. 180 Wealth Advisors LLC now owns 664 shares of the company’s stock worth $365,000 after buying an additional 42 shares during the period. Institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of research analyst reports. Barclays lowered their target price on shares of Spotify Technology from $710.00 to $650.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 30th. The Goldman Sachs Group raised their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Guggenheim raised their target price on shares of Spotify Technology from $675.00 to $725.00 and gave the company a “buy” rating in a research note on Monday, May 12th. JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $640.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, April 30th. Finally, Morgan Stanley raised their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $609.07.

Spotify Technology Stock Performance

NYSE:SPOT opened at $670.89 on Wednesday. The company has a 50-day moving average of $603.63 and a 200-day moving average of $553.77. The company has a market capitalization of $137.34 billion, a price-to-earnings ratio of 112.76 and a beta of 1.72. Spotify Technology S.A. has a 52 week low of $288.07 and a 52 week high of $678.57.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. Spotify Technology’s revenue was up 15.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.97 earnings per share. Sell-side analysts forecast that Spotify Technology S.A. 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.