First Horizon Advisors Inc. Raises Holdings in Spotify Technology S.A. (NYSE:SPOT)

First Horizon Advisors Inc. raised its stake in Spotify Technology S.A. (NYSE:SPOT) by 5.8% during the third quarter, Holdings Channel.com reports. The firm owned 478 shares of the company’s stock after purchasing an additional 26 shares during the quarter. First Horizon Advisors Inc.’s holdings in Spotify Technology were worth $176,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SPOT. Aigen Investment Management LP raised its holdings in Spotify Technology by 42.4% in the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after acquiring an additional 2,918 shares in the last quarter. Pathway Capital Management LP raised its holdings in shares of Spotify Technology by 23.8% in the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after purchasing an additional 11,042 shares in the last quarter. Perpetual Ltd raised its holdings in shares of Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after purchasing an additional 148,431 shares in the last quarter. Jag Capital Management LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter worth $13,569,000. Finally, Northeast Investment Management grew its stake in shares of Spotify Technology by 67.6% during the third quarter. Northeast Investment Management now owns 12,991 shares of the company’s stock worth $4,788,000 after purchasing an additional 5,240 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SPOT. Canaccord Genuity Group lifted their price target on Spotify Technology from $475.00 to $525.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Piper Sandler boosted their target price on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Benchmark increased their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Barclays boosted their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, Rosenblatt Securities increased their target price on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Stock Performance

SPOT stock opened at $475.04 on Friday. Spotify Technology S.A. has a one year low of $178.73 and a one year high of $489.69. The company has a fifty day moving average of $391.61 and a 200-day moving average of $344.27. The stock has a market capitalization of $94.56 billion, a PE ratio of 129.09 and a beta of 1.56.

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