Putney Financial Group LLC Has $48,000 Stake in Spotify Technology $SPOT

Putney Financial Group LLC increased its stake in shares of Spotify Technology (NYSE:SPOT) by 244.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62 shares of the company’s stock after buying an additional 44 shares during the quarter. Putney Financial Group LLC’s holdings in Spotify Technology were worth $48,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPOT. Cornerstone Planning Group LLC grew its holdings in shares of Spotify Technology by 512.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock worth $29,000 after purchasing an additional 41 shares in the last quarter. Sound Income Strategies LLC raised its stake in Spotify Technology by 156.3% in the second 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 bought a new stake in Spotify Technology during the second quarter worth about $33,000. Truvestments Capital LLC acquired a new stake in Spotify Technology during the first quarter worth about $34,000. Finally, HM Payson & Co. increased its holdings in 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 buying an additional 18 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SPOT shares. BNP Paribas raised shares of Spotify Technology to a “strong-buy” rating in a report on Tuesday, September 16th. KeyCorp cut their target price on Spotify Technology from $860.00 to $830.00 and set an “overweight” rating for the company in a research note on Wednesday, July 30th. UBS Group reduced their target price on Spotify Technology from $895.00 to $850.00 and set a “buy” rating on the stock in a report on Wednesday, July 30th. The Goldman Sachs Group cut Spotify Technology from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $765.00 to $770.00 in a report on Tuesday, September 30th. Finally, Wells Fargo & Company raised their price objective on Spotify Technology from $740.00 to $750.00 and gave the company an “overweight” rating in a research note on Tuesday, July 29th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $731.81.

Spotify Technology Stock Performance

Shares of SPOT opened at $655.82 on Friday. Spotify Technology has a 52 week low of $376.04 and a 52 week high of $785.00. The stock has a market capitalization of $134.25 billion, a price-to-earnings ratio of 159.18, a PEG ratio of 3.51 and a beta of 1.67. The stock has a fifty day moving average of $692.38 and a 200-day moving average of $679.59.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $4.29 billion. During the same period in the previous year, the company earned $1.33 EPS. Spotify Technology’s revenue for the quarter was up 10.1% on a year-over-year basis. As a group, equities analysts forecast that Spotify Technology will post 10.3 EPS for the current 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.