Spotify Technology $SPOT Position Raised by Kestra Advisory Services LLC

Kestra Advisory Services LLC increased its holdings in Spotify Technology (NYSE:SPOT) by 13.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,376 shares of the company’s stock after purchasing an additional 1,589 shares during the period. Kestra Advisory Services LLC’s holdings in Spotify Technology were worth $6,519,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Pin Oak Investment Advisors Inc. bought a new position in Spotify Technology during the second quarter valued at about $27,000. Palladiem LLC acquired a new stake in shares of Spotify Technology in the first quarter worth about $34,000. Tsfg LLC boosted its stake in shares of Spotify Technology by 39.7% during the 2nd quarter. Tsfg LLC now owns 81 shares of the company’s stock worth $37,000 after acquiring an additional 23 shares in the last quarter. Blume Capital Management Inc. boosted its stake in shares of Spotify Technology by 2,000.0% during the 3rd quarter. Blume Capital Management Inc. now owns 84 shares of the company’s stock worth $41,000 after acquiring an additional 80 shares in the last quarter. Finally, Elevation Wealth Partners LLC boosted its stake in shares of Spotify Technology by 142.9% during the 3rd quarter. Elevation Wealth Partners LLC now owns 85 shares of the company’s stock worth $41,000 after acquiring an additional 50 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SPOT shares. Zacks Research downgraded Spotify Technology from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 22nd. UBS Group reduced their target price on Spotify Technology from $690.00 to $675.00 and set a “buy” rating for the company in a report on Monday, October 5th. JPMorgan Chase & Co. upped their target price on Spotify Technology from $650.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, October 23rd. TD Cowen reiterated a “hold” rating and set a $525.00 price target on shares of Spotify Technology in a report on Friday, October 23rd. Finally, Barclays lifted their price target on shares of Spotify Technology from $565.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, October 23rd. Twenty-three analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.07.

Spotify Technology Price Performance

Spotify Technology stock opened at $608.17 on Thursday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $668.49. The firm has a fifty day moving average price of $541.13 and a two-hundred day moving average price of $502.02. The firm has a market cap of $125.21 billion, a price-to-earnings ratio of 40.32, a P/E/G ratio of 1.88 and a beta of 1.49.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Thursday, October 22nd. The company reported $2.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.18 by ($0.37). The business had revenue of $5.63 billion during the quarter, compared to analyst estimates of $5.64 billion. Spotify Technology had a net margin of 15.74% and a return on equity of 35.64%. The company’s revenue for the quarter was up 16.3% compared to the same quarter last year. During the same period in the prior year, the business posted $3.28 earnings per share. As a group, sell-side analysts expect that Spotify Technology will post 13.66 earnings per share for the current year.

Insider Buying and Selling at Spotify Technology

In related news, CEO Gustav Söderström sold 20,913 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $544.19, for a total transaction of $11,380,645.47. Following the completion of the sale, the chief executive officer owned 20,025 shares in the company, valued at $10,897,404.75. This represents a 51.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Company Profile

Spotify Technology operates a digital audio streaming platform offering music, podcasts and audiobooks. Listeners can use the service through a free, advertising-supported option or paid subscriptions, with features for discovering, organizing and sharing audio content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008. The company serves listeners and creators in markets around the world and provides tools and services for artists, podcasters, authors and other content partners.