Miracle Mile Advisors LLC Takes Position in Spotify Technology S.A. (NYSE:SPOT)

Miracle Mile Advisors LLC acquired a new stake in Spotify Technology S.A. (NYSE:SPOT) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 657 shares of the company’s stock, valued at approximately $242,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Clearbridge Investments LLC increased its position in Spotify Technology by 0.6% in the 1st quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock valued at $1,819,000 after buying an additional 38 shares in the last quarter. Cigna Investments Inc. New increased its position in Spotify Technology by 3.3% in the 2nd quarter. Cigna Investments Inc. New now owns 1,260 shares of the company’s stock valued at $395,000 after buying an additional 40 shares in the last quarter. Moody Lynn & Lieberson LLC increased its position in Spotify Technology by 0.6% in the 2nd quarter. Moody Lynn & Lieberson LLC now owns 6,843 shares of the company’s stock valued at $2,147,000 after buying an additional 40 shares in the last quarter. Larson Financial Group LLC increased 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 in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in Spotify Technology by 4.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 981 shares of the company’s stock valued at $337,000 after buying an additional 43 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. KeyCorp boosted their target price on Spotify Technology from $420.00 to $440.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Morgan Stanley boosted their target price on Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Barclays boosted their price objective on Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a report on Wednesday, July 24th. Finally, TD Cowen boosted 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $359.14.

Spotify Technology Price Performance

Spotify Technology stock opened at $374.13 on Thursday. Spotify Technology S.A. has a 12 month low of $145.76 and a 12 month high of $389.23. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The business’s 50 day simple moving average is $346.09 and its 200 day simple moving average is $317.34. The company has a market cap of $74.47 billion, a price-to-earnings ratio of -558.39 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter in the prior year, the business earned ($1.69) earnings per share. Spotify Technology’s revenue for the quarter was up 19.8% on a year-over-year basis. Sell-side analysts forecast that Spotify Technology S.A. will post 6.24 EPS for the current year.

Spotify Technology 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.