Spotify Technology $SPOT Shares Purchased by Savvy Advisors Inc.

Savvy Advisors Inc. boosted its holdings in shares of Spotify Technology (NYSE:SPOT) by 17.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,000 shares of the company’s stock after buying an additional 441 shares during the quarter. Savvy Advisors Inc.’s holdings in Spotify Technology were worth $2,302,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Sapient Capital LLC acquired a new stake in Spotify Technology in the second quarter valued at $322,000. Swedbank AB raised its position in shares of Spotify Technology by 1.4% during the 1st quarter. Swedbank AB now owns 959,587 shares of the company’s stock worth $527,802,000 after acquiring an additional 13,458 shares in the last quarter. Legacy Capital Group California Inc. lifted its stake in Spotify Technology by 110.9% during the second quarter. Legacy Capital Group California Inc. now owns 3,896 shares of the company’s stock worth $2,990,000 after purchasing an additional 2,049 shares during the last quarter. Harbor Investment Advisory LLC increased its stake in Spotify Technology by 36.0% in the second quarter. Harbor Investment Advisory LLC now owns 2,054 shares of the company’s stock valued at $1,576,000 after purchasing an additional 544 shares during the last quarter. Finally, Annex Advisory Services LLC raised its holdings in Spotify Technology by 56.9% during the second quarter. Annex Advisory Services LLC now owns 53,984 shares of the company’s stock worth $41,424,000 after purchasing an additional 19,577 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT stock opened at $666.97 on Thursday. Spotify Technology has a 1-year low of $376.04 and a 1-year high of $785.00. The firm has a market capitalization of $136.54 billion, a PE ratio of 161.89, a P/E/G ratio of 3.11 and a beta of 1.67. The business’s fifty day moving average price is $693.07 and its 200 day moving average price is $679.75.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of $2.00 by ($2.42). The company 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 firm’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter last year, the business earned $1.33 EPS. Equities research analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SPOT has been the topic of several research analyst reports. Guggenheim reiterated a “buy” rating and set a $850.00 price target on shares of Spotify Technology in a research note on Wednesday, September 3rd. Rosenblatt Securities boosted their target price on Spotify Technology from $679.00 to $700.00 and gave the company a “neutral” rating in a report on Wednesday. Phillip Securities upgraded Spotify Technology from a “moderate sell” rating to a “hold” rating in a research note on Monday, August 4th. Oppenheimer boosted their price objective on Spotify Technology from $750.00 to $825.00 and gave the company an “outperform” rating in a research note on Monday, August 18th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Spotify Technology from $700.00 to $775.00 and gave the stock a “buy” rating in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus target price of $731.81.

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.