Paloma Partners Management Co Acquires 9,350 Shares of Spotify Technology S.A. (NYSE:SPOT)

Paloma Partners Management Co increased its holdings in Spotify Technology S.A. (NYSE:SPOT) by 99.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,759 shares of the company’s stock after buying an additional 9,350 shares during the period. Paloma Partners Management Co’s holdings in Spotify Technology were worth $6,913,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Transcendent Capital Group LLC purchased a new stake in shares of Spotify Technology during the second quarter worth $25,000. Benjamin Edwards Inc. lifted its holdings in Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Mather Group LLC. lifted its holdings in 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 purchasing an additional 99 shares in the last quarter. Asset Dedication LLC bought a new position in Spotify Technology in the 2nd quarter worth about $35,000. Finally, Larson Financial Group LLC grew its holdings in Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SPOT has been the topic of several recent analyst reports. Rosenblatt Securities raised their price target on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Piper Sandler upped their price objective on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group raised their target price on shares of Spotify Technology from $430.00 to $490.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Bank of America boosted their price target 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. Finally, Morgan Stanley raised their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $476.96 on Monday. The stock has a market cap of $94.94 billion, a price-to-earnings ratio of 129.61 and a beta of 1.56. The firm’s 50-day moving average is $404.30 and its two-hundred day moving average is $350.99. Spotify Technology S.A. has a 1 year low of $179.66 and a 1 year high of $489.69.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate 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% compared to the same quarter last year. During the same period last year, the business posted $0.36 EPS. On average, equities analysts expect that Spotify Technology S.A. will post 6.02 earnings per share for the current year.

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.