SG Americas Securities LLC Buys 61,478 Shares of Spotify Technology S.A. (NYSE:SPOT)

SG Americas Securities LLC raised its stake in Spotify Technology S.A. (NYSE:SPOT) by 199.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 92,302 shares of the company’s stock after purchasing an additional 61,478 shares during the quarter. SG Americas Securities LLC’s holdings in Spotify Technology were worth $24,358,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in SPOT. American Century Companies Inc. lifted its holdings in Spotify Technology by 10.4% in the 3rd quarter. American Century Companies Inc. now owns 693,481 shares of the company’s stock worth $107,240,000 after buying an additional 65,058 shares during the period. Wellington Management Group LLP lifted its stake in Spotify Technology by 61.7% in the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after acquiring an additional 1,133,305 shares during the period. Citigroup Inc. boosted its holdings in Spotify Technology by 1,037.4% in the third quarter. Citigroup Inc. now owns 386,191 shares of the company’s stock valued at $59,721,000 after acquiring an additional 352,237 shares in the last quarter. Wesbanco Bank Inc. bought a new position in Spotify Technology in the 3rd quarter worth $860,000. Finally, Vanguard Group Inc. lifted its position in shares of Spotify Technology by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 554,066 shares of the company’s stock worth $85,681,000 after purchasing an additional 10,703 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of NYSE SPOT traded up $1.29 during midday trading on Friday, hitting $302.27. 1,244,537 shares of the stock traded hands, compared to its average volume of 1,447,657. Spotify Technology S.A. has a one year low of $129.23 and a one year high of $331.08. The firm has a 50-day moving average of $308.47 and a two-hundred day moving average of $268.63.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The business had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. During the same period last year, the firm posted ($1.24) earnings per share. On average, equities analysts predict that Spotify Technology S.A. will post 4.98 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Piper Sandler reiterated a “neutral” rating and set a $320.00 price target (up previously from $300.00) on shares of Spotify Technology in a research report on Wednesday, April 24th. Bank of America raised their target price on Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday, July 2nd. Barclays lifted their price target on Spotify Technology from $335.00 to $350.00 and gave the company an “overweight” rating in a research report on Wednesday, April 24th. Canaccord Genuity Group increased their price objective on Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $323.22.

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.