Spotify Technology $SPOT Shares Acquired by Flagship Harbor Advisors LLC

Flagship Harbor Advisors LLC increased its stake in shares of Spotify Technology (NYSE:SPOT) by 1.7% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 3,708 shares of the company’s stock after acquiring an additional 62 shares during the period. Flagship Harbor Advisors LLC’s holdings in Spotify Technology were worth $2,845,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SPOT. Cornerstone Planning Group LLC lifted its stake in shares of Spotify Technology by 512.5% in the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock worth $29,000 after acquiring an additional 41 shares in the last quarter. Sound Income Strategies LLC grew its stake in Spotify Technology by 156.3% during the 2nd quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after purchasing an additional 25 shares in the last quarter. GFG Capital LLC acquired a new position in shares of Spotify Technology in the 2nd quarter valued at approximately $33,000. Truvestments Capital LLC acquired a new position in shares of Spotify Technology in the 1st quarter valued at approximately $34,000. Finally, HM Payson & Co. raised its position in shares of Spotify Technology by 39.1% in the 1st quarter. HM Payson & Co. now owns 64 shares of the company’s stock valued at $35,000 after purchasing an additional 18 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. DZ Bank raised Spotify Technology from a “sell” rating to a “hold” rating and set a $652.00 price target on the stock in a research report on Wednesday, July 30th. Sanford C. Bernstein increased their price target on Spotify Technology from $825.00 to $840.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 8th. Argus initiated coverage on Spotify Technology in a research report on Monday, September 29th. They set a “buy” rating and a $845.00 price target on the stock. Canaccord Genuity Group raised their target price on Spotify Technology from $775.00 to $850.00 and gave the company a “buy” rating in a research note on Wednesday, July 2nd. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Spotify Technology from $700.00 to $775.00 and gave the company a “buy” rating in a report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $731.81.

Spotify Technology Trading Up 2.1%

Shares of SPOT opened at $666.97 on Thursday. The business’s 50-day moving average price is $693.07 and its 200 day moving average price is $679.75. The stock has a market capitalization of $136.54 billion, a P/E ratio of 161.89, a P/E/G ratio of 3.11 and a beta of 1.67. Spotify Technology has a 1-year low of $376.04 and a 1-year high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%.The firm had revenue of $4.94 billion for the quarter, compared to analysts’ expectations of $4.29 billion. During the same quarter in the previous year, the firm posted $1.33 earnings per share. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. On average, research analysts predict that Spotify Technology will post 10.3 earnings per share 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.