Spotify Technology S.A. (NYSE:SPOT) Shares Bought by Pitcairn Co.

Pitcairn Co. boosted its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 17.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,530 shares of the company’s stock after buying an additional 969 shares during the quarter. Pitcairn Co.’s holdings in Spotify Technology were worth $2,407,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Transcendent Capital Group LLC purchased a new position in Spotify Technology during the second quarter valued at $25,000. Benjamin Edwards Inc. lifted its holdings in Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $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 second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after purchasing an additional 99 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in Spotify Technology during the third quarter valued at $40,000. Finally, Rakuten Securities Inc. lifted its holdings in Spotify Technology by 40.5% during the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after purchasing an additional 32 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $475.04 on Friday. The stock has a market capitalization of $94.56 billion, a P/E ratio of 129.09 and a beta of 1.56. The company has a 50 day moving average price of $391.61 and a 200 day moving average price of $344.27. Spotify Technology S.A. has a fifty-two week low of $178.73 and a fifty-two week high of $489.69.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.36 EPS. On average, research analysts forecast that Spotify Technology S.A. will post 6.02 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have issued reports on SPOT. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Phillip Securities reissued an “accumulate” rating and issued a $485.00 price target (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Canaccord Genuity Group raised their price target on shares of Spotify Technology from $475.00 to $525.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. The Goldman Sachs Group raised their price target on shares of Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, JPMorgan Chase & Co. raised their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $421.69.

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.