Garde Capital Inc. Grows Stake in Spotify Technology S.A. (NYSE:SPOT)

Garde Capital Inc. raised its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 14.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 432 shares of the company’s stock after purchasing an additional 55 shares during the period. Garde Capital Inc.’s holdings in Spotify Technology were worth $159,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Transcendent Capital Group LLC purchased a new position in shares of Spotify Technology during the 2nd quarter worth about $25,000. Prestige Wealth Management Group LLC bought a new position in shares of Spotify Technology during the third quarter valued at approximately $26,000. Benjamin Edwards Inc. raised its holdings in shares of Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after buying an additional 58 shares during the period. Hobbs Group Advisors LLC bought a new stake in shares of Spotify Technology during the 3rd quarter worth approximately $33,000. Finally, Asset Dedication LLC purchased a new position in Spotify Technology during the 2nd quarter valued at $35,000. 84.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SPOT shares. Deutsche Bank Aktiengesellschaft increased their target price on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Bank of America lifted their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Rosenblatt Securities raised their target price on shares of Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Piper Sandler lifted their price target on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 price objective on shares of Spotify Technology in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $429.96.

Spotify Technology Stock Performance

Spotify Technology stock opened at $480.13 on Friday. The business’s 50-day simple moving average is $424.43 and its two-hundred day simple moving average is $361.79. The company has a market cap of $95.57 billion, a PE ratio of 130.47 and a beta of 1.61. Spotify Technology S.A. has a fifty-two week low of $185.37 and a fifty-two week high of $506.47.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the company posted $0.36 earnings per share. Spotify Technology’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, analysts predict that Spotify Technology S.A. will post 6.02 EPS for the current fiscal 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.