Raymond James Financial Services Advisors Inc. Raises Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)
Raymond James Financial Services Advisors Inc. boosted its holdings in Spotify Technology S.A. (NYSE:SPOT - Get Rating) by 5.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 31,223 shares of the company's stock after buying an additional 1,609 shares during the quarter. Raymond James Financial Services Advisors Inc.'s holdings in Spotify Technology were worth $2,695,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the business. First Manhattan Co. grew its stake in shares of Spotify Technology by 65.8% during the 1st quarter. First Manhattan Co. now owns 252 shares of the company's stock valued at $38,000 after purchasing an additional 100 shares during the period. Arlington Partners LLC grew its stake in shares of Spotify Technology by 1,394.7% during the 2nd quarter. Arlington Partners LLC now owns 284 shares of the company's stock valued at $27,000 after purchasing an additional 265 shares during the period. CoreCap Advisors LLC bought a new stake in shares of Spotify Technology during the 2nd quarter valued at about $29,000. Desjardins Global Asset Management Inc. bought a new stake in shares of Spotify Technology during the 2nd quarter valued at about $34,000. Finally, Twin Lakes Capital Management LLC bought a new stake in shares of Spotify Technology during the 3rd quarter valued at about $34,000. Hedge funds and other institutional investors own 52.80% of the company's stock.
Spotify Technology Stock Up 0.9 %
SPOT stock opened at $92.06 on Monday. The business's fifty day simple moving average is $79.29 and its two-hundred day simple moving average is $93.24. Spotify Technology S.A. has a twelve month low of $69.29 and a twelve month high of $226.40. The firm has a market cap of $17.69 billion, a price-to-earnings ratio of -48.45 and a beta of 1.66.
Spotify Technology (NYSE:SPOT - Get Rating) last released its earnings results on Tuesday, October 25th. The company reported ($0.99) earnings per share for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.11). Spotify Technology had a negative return on equity of 8.21% and a negative net margin of 1.62%. The business had revenue of $3.05 billion during the quarter, compared to analysts' expectations of $3.03 billion. Research analysts expect that Spotify Technology S.A. will post -2.6 EPS for the current year.
Analysts Set New Price Targets
SPOT has been the subject of a number of recent research reports. Morgan Stanley cut their price objective on Spotify Technology from $115.00 to $105.00 and set an "overweight" rating for the company in a research note on Monday, December 19th. Deutsche Bank Aktiengesellschaft cut their price objective on Spotify Technology from $115.00 to $105.00 and set a "hold" rating for the company in a research note on Monday, October 24th. Truist Financial cut their price objective on Spotify Technology from $125.00 to $115.00 and set a "buy" rating for the company in a research note on Thursday, October 27th. Benchmark cut their price objective on Spotify Technology from $155.00 to $125.00 in a research note on Wednesday, October 26th. Finally, Pivotal Research cut their price objective on Spotify Technology from $105.00 to $100.00 in a research note on Wednesday, October 26th. Thirteen research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $142.44.
About Spotify Technology
Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.
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