NewEdge Advisors LLC Has $1.78 Million Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

NewEdge Advisors LLC grew its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 62.0% in the second quarter, HoldingsChannel reports. The fund owned 5,664 shares of the company’s stock after acquiring an additional 2,167 shares during the period. NewEdge Advisors LLC’s holdings in Spotify Technology were worth $1,777,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Transcendent Capital Group LLC bought a new stake in shares of Spotify Technology in the second quarter worth $25,000. Benjamin Edwards Inc. increased its stake in Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after buying an additional 58 shares during the last quarter. Larson Financial Group LLC lifted its position in Spotify Technology by 86.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after buying an additional 43 shares in the last quarter. Mather Group LLC. boosted its stake in shares of Spotify Technology by 9,900.0% during the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after buying an additional 99 shares during the last quarter. Finally, Asset Dedication LLC bought a new position in shares of Spotify Technology in the 2nd quarter valued at about $35,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Trading Down 0.3 %

SPOT stock opened at $371.56 on Friday. Spotify Technology S.A. has a 52 week low of $145.76 and a 52 week high of $389.23. The company has a market capitalization of $73.96 billion, a PE ratio of -554.56 and a beta of 1.57. The company’s 50-day simple moving average is $344.49 and its 200 day simple moving average is $315.05. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same quarter in the prior year, the business posted ($1.69) EPS. The business’s revenue was up 19.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Spotify Technology S.A. will post 6.26 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on SPOT shares. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and upped their target price for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. Barclays upped their price objective on Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Benchmark reissued a “buy” rating and issued a $405.00 target price on shares of Spotify Technology in a research note on Monday, July 22nd. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target on the stock in a research report on Wednesday, July 24th. Finally, Bank of America increased their price target 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. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $359.14.

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.