1,069 Shares in Spotify Technology S.A. (NYSE:SPOT) Bought by Financial Advocates Investment Management

Financial Advocates Investment Management purchased a new stake in Spotify Technology S.A. (NYSE:SPOT) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,069 shares of the company’s stock, valued at approximately $335,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. GQG Partners LLC acquired a new position in Spotify Technology in the first quarter valued at $610,040,000. Swedbank AB acquired a new stake in Spotify Technology during the first quarter worth approximately $198,663,000. Norges Bank bought a new stake in Spotify Technology in the fourth quarter worth approximately $92,429,000. 1832 Asset Management L.P. acquired a new position in Spotify Technology in the fourth quarter valued at approximately $83,094,000. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Spotify Technology by 327.4% during 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 in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Up 0.8 %

Shares of Spotify Technology stock opened at $340.25 on Friday. The firm has a market cap of $64.72 billion, a PE ratio of -507.84 and a beta of 1.59. Spotify Technology S.A. has a 1 year low of $144.40 and a 1 year high of $359.38. 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 stock has a fifty day moving average price of $323.03 and a 200-day moving average price of $297.02.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The firm’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter last year, the company posted ($1.69) earnings per share. Equities research analysts anticipate that Spotify Technology S.A. will post 6.32 EPS for the current year.

Wall Street Analyst Weigh In

SPOT has been the subject of several research analyst reports. KeyCorp lifted their price objective on shares of Spotify Technology from $400.00 to $410.00 and gave the company an “overweight” rating in a research note on Wednesday, July 10th. Pivotal Research increased their price objective on shares of Spotify Technology from $400.00 to $460.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. UBS Group upped their price target on Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Evercore ISI increased their price target on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Macquarie boosted their price objective on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. One equities research 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, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $356.96.

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.