Great Valley Advisor Group Inc. Boosts Stake in Spotify Technology S.A. (NYSE:SPOT)

Great Valley Advisor Group Inc. lifted its stake in Spotify Technology S.A. (NYSE:SPOT) by 14.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,486 shares of the company’s stock after purchasing an additional 186 shares during the period. Great Valley Advisor Group Inc.’s holdings in Spotify Technology were worth $279,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Wellington Management Group LLP increased its stake in Spotify Technology by 61.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after buying an additional 1,133,305 shares in the last quarter. Schroder Investment Management Group increased its stake in Spotify Technology by 303.4% in the 3rd quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock worth $203,396,000 after buying an additional 989,243 shares in the last quarter. Artisan Partners Limited Partnership increased its stake in Spotify Technology by 194.7% in the 3rd quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock worth $173,673,000 after buying an additional 741,955 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Spotify Technology by 16.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock worth $572,015,000 after buying an additional 523,237 shares in the last quarter. Finally, Citigroup Inc. increased its stake in Spotify Technology by 1,037.4% in the 3rd quarter. Citigroup Inc. now owns 386,191 shares of the company’s stock worth $59,721,000 after buying an additional 352,237 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SPOT shares. Barclays increased their price target on Spotify Technology from $335.00 to $350.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 24th. Raymond James increased their price objective on shares of Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a report on Monday, April 15th. Wells Fargo & Company increased their price objective on shares of Spotify Technology from $250.00 to $280.00 and gave the company an “overweight” rating in a report on Wednesday, January 31st. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Finally, Piper Sandler reissued a “neutral” rating and set a $320.00 price objective (up previously from $300.00) on shares of Spotify Technology in a report on Wednesday, April 24th. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $301.81.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $299.57 on Tuesday. Spotify Technology S.A. has a 1 year low of $129.23 and a 1 year high of $319.30. The firm has a 50-day simple moving average of $276.42 and a two-hundred day simple moving average of $225.27.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.42. The business had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same quarter last year, the firm earned ($1.24) earnings per share. On average, sell-side analysts expect that Spotify Technology S.A. will post 4.78 EPS for the current fiscal 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.