Private Advisor Group LLC Grows Holdings in Spotify Technology S.A. (NYSE:SPOT)

Private Advisor Group LLC grew its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 118.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,023 shares of the company’s stock after buying an additional 1,638 shares during the quarter. Private Advisor Group LLC’s holdings in Spotify Technology were worth $949,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SPOT. GQG Partners LLC purchased a new position in shares of Spotify Technology during the 1st quarter valued at approximately $610,040,000. Swedbank AB acquired a new position in Spotify Technology in the first quarter worth $198,663,000. Norges Bank bought a new stake in Spotify Technology during the fourth quarter valued at $92,429,000. 1832 Asset Management L.P. acquired a new stake in shares of Spotify Technology during the fourth quarter worth $83,094,000. Finally, Envestnet Asset Management Inc. lifted its position in shares of Spotify Technology by 327.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock worth $73,520,000 after buying an additional 299,700 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 0.2 %

NYSE SPOT opened at $338.56 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The company’s 50 day simple moving average is $327.66 and its 200 day simple moving average is $305.26. Spotify Technology S.A. has a 12 month low of $145.76 and a 12 month high of $359.38. The company has a market capitalization of $67.39 billion, a P/E ratio of -505.31 and a beta of 1.57.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same period in the previous year, the firm earned ($1.69) EPS. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. Equities research analysts expect that Spotify Technology S.A. will post 6.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on SPOT shares. Redburn Atlantic reaffirmed a “sell” rating and set a $230.00 price objective on shares of Spotify Technology in a research report on Wednesday, July 10th. JPMorgan Chase & Co. increased their price target on Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. TD Cowen upped their price objective on Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Barclays raised their target price on Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, Morgan Stanley upped their price target on shares of Spotify Technology from $370.00 to $400.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $357.41.

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.