Flagship Harbor Advisors LLC increased its stake in Spotify Technology S.A. (NYSE:SPOT – Get Rating) by 45.2% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,524 shares of the company's stock after purchasing an additional 1,097 shares during the quarter. Flagship Harbor Advisors LLC's holdings in Spotify Technology were worth $331,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Manhattan Co. lifted its holdings in shares of Spotify Technology by 65.8% during the first quarter. First Manhattan Co. now owns 252 shares of the company's stock worth $38,000 after buying an additional 100 shares during the last quarter. Baldwin Brothers LLC MA lifted its holdings in shares of Spotify Technology by 41.5% during the first quarter. Baldwin Brothers LLC MA now owns 283 shares of the company's stock worth $43,000 after buying an additional 83 shares during the last quarter. MBM Wealth Consultants LLC acquired a new position in shares of Spotify Technology during the first quarter worth approximately $45,000. Quadrant Capital Group LLC lifted its holdings in shares of Spotify Technology by 84.4% during the first quarter. Quadrant Capital Group LLC now owns 343 shares of the company's stock worth $51,000 after buying an additional 157 shares during the last quarter. Finally, BDO Wealth Advisors LLC lifted its holdings in shares of Spotify Technology by 82.5% during the first quarter. BDO Wealth Advisors LLC now owns 365 shares of the company's stock worth $55,000 after buying an additional 165 shares during the last quarter. 55.32% of the stock is currently owned by institutional investors and hedge funds.
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Spotify Technology Stock Performance
Shares of SPOT stock opened at $89.34 on Friday. Spotify Technology S.A. has a 52 week low of $88.69 and a 52 week high of $305.60. The stock's fifty day moving average is $109.93 and its 200-day moving average is $114.52.
Spotify Technology (NYSE:SPOT – Get Rating) last issued its quarterly earnings results on Wednesday, July 27th. The company reported ($0.91) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.23). Spotify Technology had a negative net
margin of 0.24% and a negative return on equity of 1.15%. The firm had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same period last year, the company earned ($0.23) EPS. The company's revenue was up 22.9% compared to the same quarter last year. As a group, analysts predict that Spotify Technology S.A. will post -2.03 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of research analysts have recently commented on SPOT shares. Wells Fargo & Company upgraded Spotify Technology from an "underweight" rating to an "equal weight" rating and upped their price target for the stock from $101.00 to $124.00 in a report on Wednesday, June 15th. Bank of America upped their target price on Spotify Technology from $137.00 to $164.00 and gave the company a "buy" rating in a research note on Thursday, June 9th. UBS Group cut their target price on Spotify Technology from $185.00 to $142.00 and set a "neutral" rating for the company in a research note on Thursday, July 28th. Morgan Stanley cut their target price on Spotify Technology from $170.00 to $140.00 and set an "overweight" rating for the company in a research note on Monday, July 25th. Finally, Raymond James upgraded Spotify Technology from a "market perform" rating to an "outperform" rating and set a $150.00 target price for the company in a research note on Monday, June 6th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $183.42.
Spotify Technology Company Profile
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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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