Spotify Technology S.A. (NYSE:SPOT) Position Boosted by Itau Unibanco Holding S.A.

Itau Unibanco Holding S.A. lifted its position in Spotify Technology S.A. (NYSE:SPOT) by 43.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,174 shares of the company’s stock after buying an additional 1,268 shares during the quarter. Itau Unibanco Holding S.A.’s holdings in Spotify Technology were worth $1,538,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Transcendent Capital Group LLC acquired a new position in Spotify Technology during the second quarter worth $25,000. Benjamin Edwards Inc. raised its position in shares of 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 purchasing an additional 58 shares during the period. Mather Group LLC. raised its position in Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after buying an additional 99 shares during the last quarter. Asset Dedication LLC bought a new position in Spotify Technology in the second quarter valued at approximately $35,000. Finally, Larson Financial Group LLC grew its stake in Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Morgan Stanley lifted their price objective on Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Pivotal Research raised their target price on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Macquarie raised their price objective on Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Rosenblatt Securities lifted their price target on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Finally, TD Cowen raised their target price on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. 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 company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $422.90.

Spotify Technology Price Performance

Shares of SPOT opened at $480.26 on Tuesday. Spotify Technology S.A. has a one year low of $185.37 and a one year high of $489.69. The company has a 50-day moving average of $404.30 and a two-hundred day moving average of $350.99. The stock has a market cap of $95.60 billion, a price-to-earnings ratio of 130.51 and a beta of 1.61.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share 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 for the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the previous year, the business posted $0.36 EPS. Spotify Technology’s revenue was up 18.8% compared to the same quarter last year. Analysts anticipate that Spotify Technology S.A. will post 6.02 earnings per share for the current year.

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.