abrdn plc Acquires 24,447 Shares of Spotify Technology S.A. (NYSE:SPOT)

abrdn plc raised its holdings in Spotify Technology S.A. (NYSE:SPOT) by 110.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 46,561 shares of the company’s stock after buying an additional 24,447 shares during the quarter. abrdn plc’s holdings in Spotify Technology were worth $8,948,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of SPOT. First Horizon Advisors Inc. lifted its position in Spotify Technology by 195.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after buying an additional 117 shares in the last quarter. Pinnacle Bancorp Inc. acquired a new position in Spotify Technology during the 4th quarter worth about $29,000. Beaird Harris Wealth Management LLC lifted its position in Spotify Technology by 2,540.0% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 264 shares of the company’s stock worth $41,000 after buying an additional 254 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in Spotify Technology during the 4th quarter worth about $54,000. Finally, Private Trust Co. NA lifted its position in Spotify Technology by 18.4% during the 4th quarter. Private Trust Co. NA now owns 367 shares of the company’s stock worth $69,000 after buying an additional 57 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

SPOT stock opened at $289.68 on Friday. The stock’s fifty day simple moving average is $271.48 and its two-hundred day simple moving average is $218.66. Spotify Technology S.A. has a 1-year low of $128.67 and a 1-year high of $319.30.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The business had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter in the previous year, the firm earned ($1.24) earnings per share. On average, equities research analysts forecast that Spotify Technology S.A. will post 4.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

SPOT has been the topic of several research reports. Bank of America upped their price target on shares of Spotify Technology from $315.00 to $370.00 and gave the stock a “buy” rating in a research report on Wednesday. Morgan Stanley upped their price target on shares of Spotify Technology from $270.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday, April 22nd. Deutsche Bank Aktiengesellschaft upped their target price on shares of Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Benchmark upped their target price on shares of Spotify Technology from $325.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Loop Capital upped their target price on shares of Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a research report on Monday, April 22nd. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $301.81.

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.