Laffer Tengler Investments Inc. Purchases 1,793 Shares of Spotify Technology $SPOT

Laffer Tengler Investments Inc. boosted its position in Spotify Technology (NYSE:SPOT) by 14.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 14,614 shares of the company’s stock after acquiring an additional 1,793 shares during the period. Spotify Technology accounts for about 1.6% of Laffer Tengler Investments Inc.’s holdings, making the stock its 18th biggest position. Laffer Tengler Investments Inc.’s holdings in Spotify Technology were worth $10,201,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of SPOT. Saudi Central Bank acquired a new position in shares of Spotify Technology during the third quarter worth approximately $260,000. RPg Family Wealth Advisory LLC acquired a new stake in Spotify Technology in the 3rd quarter valued at $8,451,000. Bellwether Advisors LLC increased its stake in Spotify Technology by 98.4% during the 3rd quarter. Bellwether Advisors LLC now owns 7,427 shares of the company’s stock valued at $5,184,000 after purchasing an additional 3,683 shares in the last quarter. Cresset Asset Management LLC increased its stake in Spotify Technology by 10.0% during the 3rd quarter. Cresset Asset Management LLC now owns 9,215 shares of the company’s stock valued at $6,432,000 after purchasing an additional 839 shares in the last quarter. Finally, Oak Grove Capital LLC acquired a new position in Spotify Technology during the third quarter worth $489,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Up 2.3%

SPOT stock opened at $518.99 on Wednesday. The firm has a market cap of $106.82 billion, a PE ratio of 53.84, a P/E/G ratio of 1.11 and a beta of 1.66. The business has a 50 day moving average of $509.97 and a 200-day moving average of $604.17. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $3.16 by $2.00. The business had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The business’s revenue was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.88 earnings per share. On average, research analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SPOT. Barclays lifted their price objective on shares of Spotify Technology from $625.00 to $650.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. UBS Group dropped their price target on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research report on Friday, January 9th. Pivotal Research lowered Spotify Technology from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $875.00 to $420.00 in a report on Wednesday, February 11th. Arete Research raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective for the company in a research note on Thursday, February 26th. Finally, Rosenblatt Securities dropped their target price on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a report on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $698.91.

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.