Wilmington Savings Fund Society FSB Makes New $1.48 Million Investment in Spotify Technology S.A. (NYSE:SPOT)

Wilmington Savings Fund Society FSB bought a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) in the 3rd quarter, HoldingsChannel.com reports. The fund bought 4,007 shares of the company’s stock, valued at approximately $1,477,000.

Several other large investors have also recently made changes to their positions in SPOT. Wealth Enhancement Advisory Services LLC raised its holdings in Spotify Technology by 8.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 4,683 shares of the company’s stock worth $1,469,000 after purchasing an additional 372 shares during the period. Envestnet Portfolio Solutions Inc. lifted its position in shares of Spotify Technology by 121.6% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,399 shares of the company’s stock valued at $2,322,000 after buying an additional 4,060 shares in the last quarter. Blue Trust Inc. grew its stake in Spotify Technology by 108.0% in the 2nd quarter. Blue Trust Inc. now owns 181 shares of the company’s stock valued at $57,000 after acquiring an additional 94 shares during the period. Brookstone Capital Management increased its holdings in Spotify Technology by 4.6% in the 2nd quarter. Brookstone Capital Management now owns 1,339 shares of the company’s stock worth $395,000 after acquiring an additional 59 shares in the last quarter. Finally, First Horizon Advisors Inc. raised its position in Spotify Technology by 124.9% during the second quarter. First Horizon Advisors Inc. now owns 452 shares of the company’s stock worth $142,000 after acquiring an additional 251 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SPOT. JPMorgan Chase & Co. increased their target price on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 target price on shares of Spotify Technology in a research note on Monday, October 7th. Piper Sandler upped their price target on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Canaccord Genuity Group lifted their price objective on Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Finally, Rosenblatt Securities upped their target price on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have given a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average target price of $429.96.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $483.31 on Friday. The stock has a market capitalization of $96.20 billion, a price-to-earnings ratio of 131.33 and a beta of 1.61. The business has a 50-day moving average of $426.66 and a 200 day moving average of $363.38. Spotify Technology S.A. has a 12 month low of $185.37 and a 12 month high of $506.47.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the company earned $0.36 earnings per share. Spotify Technology’s quarterly revenue was up 18.8% on a year-over-year basis. Equities research analysts anticipate that Spotify Technology S.A. will post 6.02 earnings per share for the current year.

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.