Aviance Capital Partners LLC Invests $2.58 Million in Spotify Technology S.A. (NYSE:SPOT)

Aviance Capital Partners LLC bought a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) in the 3rd quarter, Holdings Channel.com reports. The firm bought 7,000 shares of the company’s stock, valued at approximately $2,580,000.

A number of other hedge funds have also recently bought and sold shares of SPOT. Transcendent Capital Group LLC acquired a new stake in Spotify Technology in the 2nd quarter valued at about $25,000. Benjamin Edwards Inc. boosted its holdings in Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after buying an additional 58 shares in the last quarter. Mather Group LLC. grew its position in Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after buying an additional 99 shares during the last quarter. Asset Dedication LLC bought a new position in shares of Spotify Technology in the second quarter valued at $35,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in shares of Spotify Technology during the 2nd quarter valued at $39,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SPOT. Wells Fargo & Company boosted their target price on Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Phillip Securities reaffirmed an “accumulate” rating and set a $485.00 price objective (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Barclays lifted their target price 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. Piper Sandler upped their price target on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Finally, Pivotal Research lifted their price objective on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Stock Down 0.9 %

Shares of Spotify Technology stock opened at $454.20 on Tuesday. Spotify Technology S.A. has a 12-month low of $175.00 and a 12-month high of $489.69. The stock has a market capitalization of $90.41 billion, a P/E ratio of 123.42 and a beta of 1.56. The stock has a 50 day moving average price of $380.76 and a two-hundred day moving average price of $339.74.

Spotify Technology (NYSE:SPOT) last announced its 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). The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business’s revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.36 EPS. Sell-side analysts anticipate that Spotify Technology S.A. will post 6.09 earnings per share for the current 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.