Harbor Capital Advisors Inc. Has $625,000 Stake in Spotify Technology S.A. (NYSE:SPOT)

Harbor Capital Advisors Inc. increased its holdings in Spotify Technology S.A. (NYSE:SPOT) by 2.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,398 shares of the company’s stock after buying an additional 33 shares during the period. Harbor Capital Advisors Inc.’s holdings in Spotify Technology were worth $625,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Prestige Wealth Management Group LLC bought a new position in Spotify Technology in the third quarter valued at approximately $26,000. Benjamin Edwards Inc. increased its stake in Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after acquiring an additional 58 shares during the last quarter. Hobbs Group Advisors LLC bought a new position in Spotify Technology in the third quarter valued at approximately $33,000. Larson Financial Group LLC increased its stake in Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after acquiring an additional 33 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC bought a new position in Spotify Technology in the second quarter valued at approximately $39,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $456.85 on Tuesday. Spotify Technology S.A. has a 52-week low of $191.88 and a 52-week high of $506.47. The company has a 50-day simple moving average of $461.72 and a two-hundred day simple moving average of $385.72. The company has a market capitalization of $90.94 billion, a price-to-earnings ratio of 124.14 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm’s revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.36 earnings per share. On average, sell-side analysts forecast that Spotify Technology S.A. will post 6.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SPOT has been the topic of a number of research reports. Bank of America boosted their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. boosted their target price on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Benchmark boosted their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Macquarie boosted their target price on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, Barclays boosted their target price on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $433.36.

About Spotify Technology

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.