NewEdge Advisors LLC Purchases 2,167 Shares of Spotify Technology S.A. (NYSE:SPOT)

NewEdge Advisors LLC increased its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 62.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,664 shares of the company’s stock after purchasing an additional 2,167 shares during the quarter. NewEdge Advisors LLC’s holdings in Spotify Technology were worth $1,777,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Transcendent Capital Group LLC acquired a new stake in shares of Spotify Technology during the second quarter worth approximately $25,000. Benjamin Edwards Inc. increased its holdings in Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Larson Financial Group LLC raised its position in Spotify Technology by 86.0% in the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after purchasing an additional 43 shares during the last quarter. Mather Group LLC. boosted its stake in Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares in the last quarter. Finally, Asset Dedication LLC bought a new stake in shares of Spotify Technology during the second quarter worth $35,000. 84.09% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SPOT. Benchmark reiterated a “buy” rating and set a $405.00 price target on shares of Spotify Technology in a research report on Monday, July 22nd. Jefferies Financial Group reiterated a “buy” rating and set a $385.00 target price (up from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. Evercore ISI raised their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. TD Cowen upped their price objective on Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. Finally, The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and lifted their target price for the company from $320.00 to $425.00 in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $359.14.

Spotify Technology Stock Down 0.3 %

NYSE:SPOT opened at $371.56 on Friday. Spotify Technology S.A. has a 1 year low of $145.76 and a 1 year high of $389.23. The stock has a 50-day moving average price of $344.49 and a two-hundred day moving average price of $315.05. The stock has a market cap of $73.96 billion, a price-to-earnings ratio of -554.56 and a beta of 1.57. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.25. The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. Spotify Technology’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.69) EPS. As a group, equities analysts expect that Spotify Technology S.A. will post 6.26 earnings per share for the current year.

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.