Spotify Technology S.A. (NYSE:SPOT) Shares Purchased by abrdn plc

abrdn plc grew its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 215.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 148,282 shares of the company’s stock after purchasing an additional 101,231 shares during the period. abrdn plc owned 0.07% of Spotify Technology worth $66,975,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Prestige Wealth Management Group LLC acquired a new stake in Spotify Technology during the third quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology during the third quarter worth $33,000. Larson Financial Group LLC grew its position in shares of Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the period. V Square Quantitative Management LLC acquired a new position in Spotify Technology in the third quarter valued at $40,000. Finally, Rakuten Securities Inc. increased its stake in Spotify Technology by 40.5% in the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after purchasing an additional 32 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on the company. Deutsche Bank Aktiengesellschaft lifted their price target on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Macquarie increased their target price on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. KeyCorp upped their price target on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. JPMorgan Chase & Co. lifted their price objective on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, Barclays increased their target price on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $451.39.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $622.69 on Wednesday. The stock has a market capitalization of $123.95 billion, a price-to-earnings ratio of 169.21 and a beta of 1.63. Spotify Technology S.A. has a one year low of $219.36 and a one year high of $623.40. The company’s 50-day simple moving average is $482.11 and its 200-day simple moving average is $407.08.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). The firm had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. Spotify Technology’s revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.36 EPS. As a group, research analysts forecast that Spotify Technology S.A. will post 5.91 EPS 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.