Everhart Financial Group Inc. Increases Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Everhart Financial Group Inc. lifted its holdings in Spotify Technology S.A. (NYSE:SPOT) by 6.3% in the second quarter, HoldingsChannel reports. The firm owned 2,832 shares of the company’s stock after buying an additional 167 shares during the quarter. Everhart Financial Group Inc.’s holdings in Spotify Technology were worth $889,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Sentry LLC acquired a new position in Spotify Technology during the 2nd quarter worth approximately $203,000. &PARTNERS purchased a new stake in shares of Spotify Technology during the 2nd quarter worth approximately $427,000. GYL Financial Synergies LLC purchased a new position in shares of Spotify Technology in the 2nd quarter valued at $1,411,000. Granite Group Advisors LLC acquired a new position in Spotify Technology in the second quarter valued at $233,000. Finally, Oak Harvest Investment Services purchased a new stake in shares of Spotify Technology in the 2nd quarter valued at about $708,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on SPOT shares. JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Bank of America boosted their price objective on shares of Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday, July 2nd. Jefferies Financial Group reaffirmed a “buy” rating and issued a $385.00 price objective (up previously from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. Guggenheim increased their price objective on Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Finally, The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $353.15.

Spotify Technology Stock Up 0.1 %

NYSE:SPOT traded up $0.18 during mid-day trading on Friday, reaching $342.38. The stock had a trading volume of 1,489,549 shares, compared to its average volume of 1,984,571. The stock’s 50 day simple moving average is $321.38 and its two-hundred day simple moving average is $294.55. Spotify Technology S.A. has a 1-year low of $133.69 and a 1-year high of $359.38. The company has a market capitalization of $68.15 billion, a price-to-earnings ratio of -511.01 and a beta of 1.59. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56.

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

Spotify Technology Company Profile

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.