Townsquare Capital LLC Increases Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Townsquare Capital LLC boosted its position in Spotify Technology S.A. (NYSE:SPOT) by 7.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 994 shares of the company’s stock after acquiring an additional 72 shares during the quarter. Townsquare Capital LLC’s holdings in Spotify Technology were worth $366,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Transcendent Capital Group LLC acquired a new stake in Spotify Technology in the second quarter valued at approximately $25,000. Benjamin Edwards Inc. raised its stake in shares of Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Larson Financial Group LLC lifted its holdings in Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after buying an additional 33 shares during the last quarter. Mather Group LLC. raised its stake in Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after acquiring an additional 99 shares during the period. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Spotify Technology during the 3rd quarter worth approximately $40,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Down 1.8 %

Spotify Technology stock opened at $493.51 on Friday. Spotify Technology S.A. has a 12 month low of $185.37 and a 12 month high of $506.47. The company has a market capitalization of $98.23 billion, a price-to-earnings ratio of 134.11 and a beta of 1.61. The business’s fifty day simple moving average is $413.44 and its two-hundred day simple moving average is $355.61.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results 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 return on equity of 19.07% and a net margin of 4.66%. The business had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the prior year, the business earned $0.36 EPS. The company’s revenue was up 18.8% compared to the same quarter last year. On average, equities research analysts predict that Spotify Technology S.A. will post 6.02 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SPOT. KeyCorp boosted their price target on shares of Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. increased their target price on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Barclays raised their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Bank of America raised their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a research report on Monday, October 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $422.90.

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.