Spotify Technology $SPOT Shares Bought by Petra Financial Advisors Inc.

Petra Financial Advisors Inc. lifted its holdings in Spotify Technology (NYSE:SPOT) by 149.8% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 1,619 shares of the company’s stock after buying an additional 971 shares during the quarter. Petra Financial Advisors Inc.’s holdings in Spotify Technology were worth $1,242,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Jennison Associates LLC lifted its holdings in Spotify Technology by 42.3% in the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company’s stock worth $2,336,494,000 after acquiring an additional 1,262,614 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Spotify Technology by 3.3% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company’s stock valued at $1,939,949,000 after purchasing an additional 112,553 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Spotify Technology by 1,151.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company’s stock worth $957,494,000 after purchasing an additional 1,601,653 shares during the period. Northern Trust Corp lifted its holdings in shares of Spotify Technology by 10.3% in the 1st quarter. Northern Trust Corp now owns 1,574,482 shares of the company’s stock worth $866,012,000 after purchasing an additional 147,580 shares during the last quarter. Finally, Forsta AP Fonden boosted its position in Spotify Technology by 12.6% during the 1st quarter. Forsta AP Fonden now owns 1,559,652 shares of the company’s stock valued at $857,855,000 after purchasing an additional 174,700 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 1.9%

SPOT stock opened at $657.73 on Tuesday. The firm’s 50-day moving average is $695.12 and its two-hundred day moving average is $678.18. The company has a market capitalization of $134.64 billion, a price-to-earnings ratio of 159.64, a price-to-earnings-growth ratio of 3.08 and a beta of 1.67. Spotify Technology has a 52 week low of $376.04 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The company had revenue of $4.94 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter last year, the business earned $1.33 earnings per share. The company’s revenue was up 10.1% on a year-over-year basis. On average, equities research analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SPOT shares. Barclays dropped their target price on Spotify Technology from $800.00 to $750.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 30th. Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $775.00 to $850.00 and gave the stock a “buy” rating in a report on Wednesday, July 2nd. Phillip Securities raised shares of Spotify Technology from a “moderate sell” rating to a “hold” rating in a research note on Monday, August 4th. BNP Paribas Exane started coverage on shares of Spotify Technology in a research report on Tuesday, September 16th. They issued an “outperform” rating and a $900.00 target price for the company. Finally, Benchmark cut their price target on Spotify Technology from $840.00 to $800.00 and set a “buy” rating on the stock in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $731.16.

About Spotify Technology

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.