Kestra Investment Management LLC Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

Kestra Investment Management LLC purchased a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) in the 3rd quarter, HoldingsChannel reports. The fund purchased 2,117 shares of the company’s stock, valued at approximately $780,000.

A number of other institutional investors have also modified their holdings of SPOT. Transcendent Capital Group LLC purchased a new stake in Spotify Technology during the second quarter valued at approximately $25,000. Benjamin Edwards Inc. lifted its holdings in shares of Spotify Technology by 214.8% during the 2nd 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 last quarter. Mather Group LLC. boosted its position in shares of Spotify Technology by 9,900.0% in 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. Asset Dedication LLC acquired a new stake in shares of Spotify Technology in the 2nd quarter worth $35,000. Finally, Larson Financial Group LLC grew its stake in Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after buying an additional 33 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Pivotal Research raised their price target on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. The Goldman Sachs Group lifted their target price on shares of Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Barclays upped their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Evercore ISI raised their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Finally, Wells Fargo & Company boosted their price objective on shares of Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Stock Performance

SPOT opened at $476.96 on Monday. The company has a fifty day moving average of $404.30 and a two-hundred day moving average of $350.99. The stock has a market capitalization of $94.94 billion, a price-to-earnings ratio of 129.61 and a beta of 1.56. Spotify Technology S.A. has a fifty-two week low of $179.66 and a fifty-two week high of $489.69.

Spotify Technology (NYSE:SPOT) last announced 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 during the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. Spotify Technology’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.36 EPS. On average, equities research analysts forecast that Spotify Technology S.A. will post 6.02 earnings per share 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.