Great Valley Advisor Group Inc. Acquires 87 Shares of Spotify Technology S.A. (NYSE:SPOT)

Great Valley Advisor Group Inc. raised its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 4.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,125 shares of the company’s stock after purchasing an additional 87 shares during the quarter. Great Valley Advisor Group Inc.’s holdings in Spotify Technology were worth $783,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Covenant Asset Management LLC acquired a new stake in shares of Spotify Technology during the 3rd quarter worth about $3,364,000. L & S Advisors Inc bought a new position in Spotify Technology in the 3rd quarter valued at about $1,636,000. Massachusetts Financial Services Co. MA lifted its position in Spotify Technology by 3.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after acquiring an additional 102,786 shares during the last quarter. Landscape Capital Management L.L.C. bought a new stake in shares of Spotify Technology during the third quarter worth approximately $2,408,000. Finally, Intech Investment Management LLC grew its position in shares of Spotify Technology by 57.0% in the third quarter. Intech Investment Management LLC now owns 1,699 shares of the company’s stock valued at $626,000 after purchasing an additional 617 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several recent research reports. Rosenblatt Securities boosted their price target on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Benchmark boosted their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Pivotal Research raised their price target on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Morgan Stanley boosted their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, Phillip Securities reaffirmed an “accumulate” rating and set a $485.00 target price (up from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Trading Up 1.0 %

Shares of SPOT stock opened at $479.85 on Tuesday. The firm has a market capitalization of $95.51 billion, a price-to-earnings ratio of 130.39 and a beta of 1.56. The business’s 50-day moving average price is $394.43 and its 200-day moving average price is $345.87. Spotify Technology S.A. has a 12 month low of $179.66 and a 12 month high of $489.69.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.36 earnings per share. On average, sell-side analysts predict that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal 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.