McGlone Suttner Wealth Management Inc. Purchases Shares of 711 Spotify Technology S.A. (NYSE:SPOT)

McGlone Suttner Wealth Management Inc. purchased a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 711 shares of the company’s stock, valued at approximately $262,000.

Several other institutional investors have also added to or reduced their stakes in the company. GQG Partners LLC purchased a new position in shares of Spotify Technology in the 1st quarter worth approximately $610,040,000. Bamco Inc. NY boosted its holdings in shares of Spotify Technology by 28.3% in the 1st quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock worth $228,164,000 after purchasing an additional 190,931 shares during the period. Swedbank AB boosted its holdings in shares of Spotify Technology by 13.2% in the 2nd quarter. Swedbank AB now owns 852,526 shares of the company’s stock worth $267,514,000 after purchasing an additional 99,730 shares during the period. Perpetual Ltd boosted its holdings in shares of Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after purchasing an additional 148,431 shares during the period. Finally, D1 Capital Partners L.P. boosted its holdings in shares of Spotify Technology by 5.6% in the 2nd quarter. D1 Capital Partners L.P. now owns 680,061 shares of the company’s stock worth $213,396,000 after purchasing an additional 36,000 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of research analyst reports. Redburn Atlantic reissued a “sell” rating and set a $230.00 price target on shares of Spotify Technology in a research note on Wednesday, July 10th. Bank of America raised their price target on Spotify Technology from $370.00 to $380.00 and gave the stock a “buy” rating in a research note on Tuesday, July 2nd. Jefferies Financial Group reissued a “buy” rating and set a $385.00 price target (up from $242.00) on shares of Spotify Technology in a research note on Thursday, July 11th. Evercore ISI lifted their target price on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Finally, JPMorgan Chase & Co. lifted their target price on Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $359.14.

Spotify Technology Stock Down 1.1 %

Spotify Technology stock opened at $373.70 on Monday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The business’s 50-day simple moving average is $348.38 and its two-hundred day simple moving average is $319.74. The company has a market cap of $74.38 billion, a PE ratio of 152.53 and a beta of 1.58. Spotify Technology S.A. has a fifty-two week low of $145.76 and a fifty-two week high of $389.23.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.25. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The company’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.69) EPS. Equities analysts anticipate that Spotify Technology S.A. will post 6.24 EPS 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.