Commonwealth Equity Services LLC Increases Stake in Spotify Technology S.A. (NYSE:SPOT)

Commonwealth Equity Services LLC increased its position in Spotify Technology S.A. (NYSE:SPOT) by 10.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 11,549 shares of the company’s stock after acquiring an additional 1,052 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Spotify Technology were worth $3,048,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. Lindbrook Capital LLC increased its holdings in Spotify Technology by 32.3% in the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after acquiring an additional 50 shares during the last quarter. Signaturefd LLC grew its holdings in Spotify Technology by 4.4% during the 4th quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock valued at $230,000 after buying an additional 51 shares in the last quarter. Summit Trail Advisors LLC grew its holdings in Spotify Technology by 3.5% during the 4th quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock valued at $313,000 after buying an additional 56 shares in the last quarter. Private Trust Co. NA grew its holdings in Spotify Technology by 18.4% during the 4th quarter. Private Trust Co. NA now owns 367 shares of the company’s stock valued at $69,000 after buying an additional 57 shares in the last quarter. Finally, Delta Asset Management LLC TN grew its holdings in Spotify Technology by 6.7% during the 4th quarter. Delta Asset Management LLC TN now owns 960 shares of the company’s stock valued at $180,000 after buying an additional 60 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

SPOT stock traded up $0.59 on Friday, reaching $315.39. The company’s stock had a trading volume of 304,797 shares, compared to its average volume of 1,936,559. The business has a fifty day simple moving average of $306.10 and a two-hundred day simple moving average of $263.73. Spotify Technology S.A. has a 12-month low of $129.23 and a 12-month high of $331.08. The firm has a market cap of $59.99 billion, a PE ratio of -469.85, a PEG ratio of 0.83 and a beta of 1.59.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.87 billion. During the same quarter last year, the firm posted ($1.24) earnings per share. As a group, research analysts anticipate that Spotify Technology S.A. will post 4.96 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SPOT has been the subject of a number of recent analyst reports. Pivotal Research lifted their target price on Spotify Technology from $390.00 to $400.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Piper Sandler reiterated a “neutral” rating and set a $320.00 price target (up previously from $300.00) on shares of Spotify Technology in a research report on Wednesday, April 24th. Loop Capital lifted their price target on Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a research report on Monday, April 22nd. Barclays lifted their price target on Spotify Technology from $335.00 to $350.00 and gave the company an “overweight” rating in a research report on Wednesday, April 24th. Finally, Macquarie lifted their price target on Spotify Technology from $300.00 to $330.00 and gave the company an “outperform” rating in a research report on Monday, April 22nd. Eight analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $311.88.

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.