Pitcairn Co. Buys 2,457 Shares of Spotify Technology S.A. (NYSE:SPOT)

Pitcairn Co. raised its position in Spotify Technology S.A. (NYSE:SPOT) by 118.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 4,527 shares of the company’s stock after purchasing an additional 2,457 shares during the period. Pitcairn Co.’s holdings in Spotify Technology were worth $1,195,000 as of its most recent filing with the SEC.

A number of other institutional investors have also bought and sold shares of the company. Larson Financial Group LLC boosted its holdings in shares of Spotify Technology by 86.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after buying an additional 43 shares in the last quarter. Pinnacle Bancorp Inc. acquired a new position in shares of Spotify Technology during the 4th quarter valued at $29,000. GAMMA Investing LLC acquired a new position in shares of Spotify Technology during the 4th quarter valued at $32,000. FinTrust Capital Advisors LLC boosted its stake in Spotify Technology by 400.0% during the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares in the last quarter. Finally, Lindbrook Capital LLC grew its holdings in Spotify Technology by 32.3% in the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after purchasing an additional 50 shares during the period. Institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SPOT shares. Deutsche Bank Aktiengesellschaft upped their price objective 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. Wolfe Research started coverage on shares of Spotify Technology in a research report on Friday, July 12th. They issued an “outperform” rating and a $390.00 price target for the company. Bank of America upped their price objective on shares of Spotify Technology from $370.00 to $380.00 and gave the stock a “buy” rating in a report on Tuesday, July 2nd. TD Cowen lifted their price objective on shares of Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a report on Wednesday. Finally, Loop Capital upped their target price on shares of Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a report on Monday, April 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $353.15.

Spotify Technology Stock Performance

SPOT stock traded down $7.57 during mid-day trading on Thursday, hitting $328.95. The company had a trading volume of 2,713,077 shares, compared to its average volume of 1,998,568. The firm has a market cap of $65.48 billion, a PE ratio of -502.43, a price-to-earnings-growth ratio of 0.87 and a beta of 1.59. The stock’s fifty day moving average price is $309.88 and its two-hundred day moving average price is $275.66. Spotify Technology S.A. has a 12 month low of $129.23 and a 12 month high of $346.23.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a return on equity of 17.48% and a net margin of 3.22%. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same period last year, the business posted ($1.69) earnings per share. Equities analysts anticipate that Spotify Technology S.A. will post 5 earnings per share for the current year.

Spotify Technology 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.