Gateway Investment Advisers LLC Takes Position in Spotify Technology S.A. (NYSE:SPOT)

Gateway Investment Advisers LLC purchased a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 1,133 shares of the company’s stock, valued at approximately $418,000.

A number of other institutional investors have also recently made changes to their positions in SPOT. Virtu Financial LLC purchased a new stake in shares of Spotify Technology during the 4th quarter valued at about $221,000. Vanguard Group Inc. boosted its holdings in shares of Spotify Technology by 6.3% during the 4th quarter. Vanguard Group Inc. now owns 588,847 shares of the company’s stock valued at $110,650,000 after acquiring an additional 34,781 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Spotify Technology by 96.5% during the 1st quarter. GAMMA Investing LLC now owns 334 shares of the company’s stock valued at $88,000 after acquiring an additional 164 shares during the last quarter. Banque Cantonale Vaudoise boosted its holdings in shares of Spotify Technology by 28.1% during the 1st quarter. Banque Cantonale Vaudoise now owns 4,043 shares of the company’s stock valued at $1,066,000 after acquiring an additional 886 shares during the last quarter. Finally, Wedmont Private Capital bought a new position in shares of Spotify Technology in the 1st quarter worth approximately $197,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Down 1.1 %

SPOT stock opened at $373.70 on Monday. The firm has a fifty day moving average price of $348.38 and a 200 day moving average price of $319.74. Spotify Technology S.A. has a fifty-two week low of $145.76 and a fifty-two week high of $389.23. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market cap of $74.38 billion, a PE ratio of 152.53 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $3.82 billion. During the same period last year, the firm posted ($1.69) earnings per share. Spotify Technology’s revenue for the quarter was up 19.8% compared to the same quarter last year. Sell-side analysts anticipate that Spotify Technology S.A. will post 6.24 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SPOT has been the topic of several recent research reports. Evercore ISI increased their price objective on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Morgan Stanley increased their price objective on shares of Spotify Technology from $370.00 to $400.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $320.00 to $425.00 in a research note on Wednesday, July 24th. Guggenheim increased their price objective on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, Rosenblatt Securities increased their price objective on shares of Spotify Technology from $396.00 to $399.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $359.14.

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.