TFB Advisors LLC Increases Stock Position in Spotify Technology S.A. (NYSE:SPOT)

TFB Advisors LLC grew its position in Spotify Technology S.A. (NYSE:SPOT) by 85.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,317 shares of the company’s stock after acquiring an additional 608 shares during the period. TFB Advisors LLC’s holdings in Spotify Technology were worth $413,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Transcendent Capital Group LLC purchased a new stake in Spotify Technology in the 2nd quarter worth $25,000. Larson Financial Group LLC increased its stake in shares of Spotify Technology by 86.0% during the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after purchasing an additional 43 shares in the last quarter. Mather Group LLC. raised its position in shares of Spotify Technology by 9,900.0% during the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares during the last quarter. FinTrust Capital Advisors LLC lifted its stake in Spotify Technology by 400.0% in the 1st quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock valued at $33,000 after buying an additional 100 shares in the last quarter. Finally, Fifth Third Bancorp lifted its stake in Spotify Technology by 640.0% in the 2nd quarter. Fifth Third Bancorp now owns 148 shares of the company’s stock valued at $46,000 after buying an additional 128 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Barclays increased their target price on Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Bank of America raised their target price on shares of Spotify Technology from $370.00 to $380.00 and gave the stock a “buy” rating in a research note on Tuesday, July 2nd. Redburn Atlantic restated a “sell” rating and issued a $230.00 price target on shares of Spotify Technology in a research report on Wednesday, July 10th. Benchmark reiterated a “buy” rating and set a $405.00 price objective on shares of Spotify Technology in a research report on Monday, July 22nd. Finally, KeyCorp boosted their price objective on Spotify Technology from $400.00 to $410.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $356.96.

Spotify Technology Stock Up 0.6 %

Shares of SPOT opened at $342.89 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market capitalization of $65.22 billion, a PE ratio of -511.78 and a beta of 1.59. The company’s 50-day simple moving average is $323.56 and its 200-day simple moving average is $297.32. Spotify Technology S.A. has a 1 year low of $144.40 and a 1 year high of $359.38.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The firm’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period in the prior year, the business earned ($1.69) EPS. Analysts forecast that Spotify Technology S.A. will post 6.32 earnings per share for the current fiscal year.

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.