Nations Financial Group Inc. IA ADV Purchases New Shares in Spotify Technology $SPOT

Nations Financial Group Inc. IA ADV acquired a new position in Spotify Technology (NYSE:SPOT) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 1,011 shares of the company’s stock, valued at approximately $706,000.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in Spotify Technology in the 2nd quarter worth about $768,915,000. Fisher Asset Management LLC boosted its holdings in shares of Spotify Technology by 22.7% in the second quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock worth $1,909,920,000 after buying an additional 460,115 shares during the last quarter. Bessemer Group Inc. boosted its stake in shares of Spotify Technology by 215.3% during the 2nd quarter. Bessemer Group Inc. now owns 505,329 shares of the company’s stock worth $387,758,000 after acquiring an additional 345,048 shares during the last quarter. Franklin Resources Inc. raised its stake in Spotify Technology by 41.8% during the 2nd quarter. Franklin Resources Inc. now owns 1,131,099 shares of the company’s stock worth $867,937,000 after acquiring an additional 333,537 shares during the period. Finally, Brown Advisory Inc. lifted its holdings in Spotify Technology by 931.2% during the second quarter. Brown Advisory Inc. now owns 362,853 shares of the company’s stock valued at $278,456,000 after purchasing an additional 327,667 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Trading Down 0.6%

Shares of NYSE:SPOT opened at $505.04 on Tuesday. Spotify Technology has a 12 month low of $475.01 and a 12 month high of $785.00. The company has a market capitalization of $103.98 billion, a price-to-earnings ratio of 79.41, a PEG ratio of 0.96 and a beta of 1.66. The firm’s 50-day moving average is $580.38 and its 200 day moving average is $649.87.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.87 by $1.96. The business had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.45 earnings per share. As a group, equities analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on SPOT. Cantor Fitzgerald lowered their price objective on Spotify Technology from $675.00 to $615.00 and set a “neutral” rating on the stock in a research report on Thursday, January 8th. Erste Group Bank cut Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Spotify Technology in a report on Monday, December 29th. JPMorgan Chase & Co. boosted their price objective on Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. Finally, Citizens Jmp initiated coverage on Spotify Technology in a research report on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average price target of $743.90.

Spotify Technology Company Profile

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.