9,129 Shares in Spotify Technology S.A. (NYSE:SPOT) Acquired by Covenant Asset Management LLC

Covenant Asset Management LLC acquired a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 9,129 shares of the company’s stock, valued at approximately $3,364,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. First Horizon Advisors Inc. increased its holdings in Spotify Technology by 5.8% during the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after purchasing an additional 26 shares during the last quarter. West Bancorporation Inc. increased its holdings in Spotify Technology by 3.4% during the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after purchasing an additional 27 shares during the last quarter. Avior Wealth Management LLC increased its holdings in shares of Spotify Technology by 12.0% in the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after acquiring an additional 30 shares during the last quarter. Washington Trust Advisors Inc. increased its holdings in shares of Spotify Technology by 12.0% in the 3rd quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after acquiring an additional 32 shares during the last quarter. Finally, Rakuten Securities Inc. increased its holdings in shares of Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after acquiring an additional 32 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SPOT has been the subject of a number of research analyst 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 report on Thursday, October 17th. The Goldman Sachs Group upped their price objective on Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Pivotal Research upped their price objective on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Benchmark upped their price objective on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a research note on Monday, October 7th. One 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. According to data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Stock Up 0.5 %

Shares of NYSE SPOT opened at $472.50 on Friday. Spotify Technology S.A. has a 12 month low of $178.73 and a 12 month high of $489.69. The company has a market cap of $94.05 billion, a price-to-earnings ratio of 128.40 and a beta of 1.56. The business has a fifty day simple moving average of $388.87 and a 200-day simple moving average of $342.73.

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