Mount Yale Investment Advisors LLC Purchases 4,776 Shares of Spotify Technology S.A. (NYSE:SPOT)

Mount Yale Investment Advisors LLC lifted its position in Spotify Technology S.A. (NYSE:SPOT) by 36.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 18,007 shares of the company’s stock after acquiring an additional 4,776 shares during the period. Mount Yale Investment Advisors LLC’s holdings in Spotify Technology were worth $5,650,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Evoke Wealth LLC bought a new stake in Spotify Technology during the fourth quarter worth about $2,271,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Spotify Technology by 30.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock worth $21,024,000 after purchasing an additional 18,731 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Spotify Technology by 1,500.5% in the 4th quarter. Franklin Resources Inc. now owns 70,151 shares of the company’s stock worth $13,182,000 after buying an additional 65,768 shares during the last quarter. TD Asset Management Inc increased its position in Spotify Technology by 2.4% during the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock valued at $135,339,000 after buying an additional 12,192 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its position in Spotify Technology by 327.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock valued at $73,520,000 after buying an additional 299,700 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

SPOT has been the topic of a number of recent research reports. Guggenheim increased their target price on Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. UBS Group increased their price objective on shares of Spotify Technology from $375.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Macquarie raised their price objective on shares of Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and upped their target price for the stock from $320.00 to $425.00 in a research note on Wednesday, July 24th. Finally, Benchmark reissued a “buy” rating and set a $405.00 price target on shares of Spotify Technology in a research report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $359.14.

Spotify Technology Price Performance

NYSE SPOT opened at $365.17 on Friday. The business’s fifty day moving average is $331.49 and its 200 day moving average is $307.39. Spotify Technology S.A. has a fifty-two week low of $145.76 and a fifty-two week high of $368.29. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The company has a market capitalization of $72.69 billion, a PE ratio of -545.02 and a beta of 1.57.

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