Baird Financial Group Inc. Raises Stock Holdings in Spotify Technology $SPOT

Baird Financial Group Inc. raised its stake in Spotify Technology (NYSE:SPOT) by 60.0% during the second quarter, HoldingsChannel reports. The institutional investor owned 45,775 shares of the company’s stock after purchasing an additional 17,157 shares during the quarter. Baird Financial Group Inc.’s holdings in Spotify Technology were worth $35,125,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its stake in shares of Spotify Technology by 16.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,117 shares of the company’s stock worth $857,000 after buying an additional 155 shares during the period. Invesco Ltd. grew its holdings in Spotify Technology by 17.3% during the 2nd quarter. Invesco Ltd. now owns 1,454,383 shares of the company’s stock worth $1,116,007,000 after acquiring an additional 214,355 shares in the last quarter. 1832 Asset Management L.P. increased its position in shares of Spotify Technology by 24.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 348,061 shares of the company’s stock valued at $267,081,000 after purchasing an additional 68,187 shares during the last quarter. CW Advisors LLC raised its stake in Spotify Technology by 36.5% in the second quarter. CW Advisors LLC now owns 1,678 shares of the company’s stock valued at $1,288,000 after buying an additional 449 shares in the last quarter. Finally, Twin Peaks Wealth Advisors LLC acquired a new stake in Spotify Technology in the second quarter valued at $104,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Spotify Technology stock opened at $565.62 on Friday. Spotify Technology has a 12 month low of $443.21 and a 12 month high of $785.00. The business has a 50 day simple moving average of $642.44 and a 200-day simple moving average of $679.17. The stock has a market capitalization of $116.46 billion, a PE ratio of 88.93, a price-to-earnings-growth ratio of 1.85 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.87 by $1.96. The firm had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.23 billion. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. Spotify Technology’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period last year, the firm posted $1.45 EPS. As a group, equities research analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SPOT shares. Rosenblatt Securities lowered their price objective on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. BNP Paribas Exane began coverage on Spotify Technology in a report on Tuesday, September 16th. They issued an “outperform” rating and a $900.00 price target for the company. Oppenheimer raised their price objective on shares of Spotify Technology from $750.00 to $825.00 and gave the stock an “outperform” rating in a report on Monday, August 18th. BNP Paribas upgraded shares of Spotify Technology to a “strong-buy” rating in a research report on Tuesday, September 16th. Finally, Erste Group Bank downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $758.86.

Spotify Technology 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.