Pitcairn Co. Raises Stake in Spotify Technology S.A. (NYSE:SPOT)

Pitcairn Co. raised its position in Spotify Technology S.A. (NYSE:SPOT) by 17.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,530 shares of the company’s stock after acquiring an additional 969 shares during the quarter. Pitcairn Co.’s holdings in Spotify Technology were worth $2,407,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in SPOT. First Horizon Advisors Inc. lifted its position in shares of Spotify Technology by 5.8% during the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after buying an additional 26 shares during the last quarter. West Bancorporation Inc. lifted its position in shares of Spotify Technology by 3.4% during the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after buying an additional 27 shares during the last quarter. Avior Wealth Management LLC lifted its position in shares of Spotify Technology by 12.0% during the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after buying an additional 30 shares during the last quarter. Washington Trust Advisors Inc. lifted its position in shares of Spotify Technology by 12.0% during the 3rd quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock worth $110,000 after buying an additional 32 shares during the last quarter. Finally, Rakuten Securities Inc. lifted its position in shares of Spotify Technology by 40.5% during the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after buying an additional 32 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on SPOT. Macquarie upped their price target on shares of Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Benchmark upped their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Piper Sandler upped their price target on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group upped their price target on shares of Spotify Technology from $430.00 to $490.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, KeyCorp upped their price target on shares of Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Trading Up 0.9 %

Shares of NYSE SPOT opened at $475.04 on Friday. The stock has a market cap of $94.56 billion, a price-to-earnings ratio of 129.09 and a beta of 1.56. Spotify Technology S.A. has a 52 week low of $178.73 and a 52 week high of $489.69. The company’s 50-day moving average price is $391.61 and its 200 day moving average price is $344.27.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. Spotify Technology’s revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.36 earnings per share. As a group, research analysts expect that Spotify Technology S.A. will post 6.02 earnings per share for the current 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.