Gabelli Funds LLC Raises Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Gabelli Funds LLC grew its holdings in Spotify Technology S.A. (NYSE:SPOT) by 15.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 54,826 shares of the company’s stock after purchasing an additional 7,227 shares during the quarter. Gabelli Funds LLC’s holdings in Spotify Technology were worth $17,204,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Larson Financial Group LLC boosted 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 buying an additional 43 shares during the period. Transcendent Capital Group LLC acquired a new stake in shares of Spotify Technology in the second quarter valued at $25,000. Benjamin Edwards Inc. boosted its holdings in Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares during the period. Mather Group LLC. grew its stake in Spotify Technology by 9,900.0% during the 2nd 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, FinTrust Capital Advisors LLC increased its holdings in Spotify Technology by 400.0% during the 1st quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SPOT shares. Bank of America lifted their price objective on Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday, July 2nd. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $320.00 to $425.00 in a research note on Wednesday, July 24th. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective on the stock in a research report on Wednesday, July 24th. Guggenheim lifted their price objective on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Finally, Rosenblatt Securities increased their target price on Spotify Technology from $396.00 to $399.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $359.14.

Spotify Technology Stock Up 1.4 %

SPOT opened at $365.17 on Monday. Spotify Technology S.A. has a 52 week low of $145.76 and a 52 week high of $368.29. The business has a 50 day moving average price of $331.49 and a two-hundred day moving average price of $307.67. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The company has a market cap of $69.46 billion, a PE ratio of -545.03 and a beta of 1.57.

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