Stance Capital LLC Makes New $1.41 Million Investment in Spotify Technology $SPOT

Stance Capital LLC acquired a new stake in Spotify Technology (NYSE:SPOT) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,836 shares of the company’s stock, valued at approximately $1,409,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Spotify Technology during the 2nd quarter worth about $1,156,000. Newbridge Financial Services Group Inc. boosted its position in Spotify Technology by 100.0% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,600 shares of the company’s stock worth $1,228,000 after acquiring an additional 800 shares during the last quarter. Advisory Services Network LLC grew its stake in Spotify Technology by 3.5% in the 2nd quarter. Advisory Services Network LLC now owns 7,344 shares of the company’s stock worth $5,635,000 after acquiring an additional 249 shares during the period. Cim LLC lifted its stake in shares of Spotify Technology by 69.2% during the 2nd quarter. Cim LLC now owns 37,814 shares of the company’s stock worth $29,016,000 after purchasing an additional 15,461 shares during the period. Finally, Hudson Bay Capital Management LP lifted its stake in shares of Spotify Technology by 188.2% during the 2nd quarter. Hudson Bay Capital Management LP now owns 20,571 shares of the company’s stock worth $15,785,000 after purchasing an additional 13,433 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SPOT shares. The Goldman Sachs Group lowered Spotify Technology from a “buy” rating to a “neutral” rating and upped their target price for the company from $765.00 to $770.00 in a research note on Tuesday, September 30th. Guggenheim cut their price objective on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Oppenheimer upped their price target on shares of Spotify Technology from $750.00 to $825.00 and gave the stock an “outperform” rating in a research report on Monday, August 18th. Finally, Rosenblatt Securities decreased their price target on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a report on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $758.86.

Spotify Technology Trading Down 0.3%

NYSE:SPOT opened at $597.27 on Friday. The firm’s fifty day simple moving average is $631.45 and its 200 day simple moving average is $677.39. Spotify Technology has a twelve month low of $443.21 and a twelve month high of $785.00. The firm has a market capitalization of $122.97 billion, a price-to-earnings ratio of 93.91, a PEG ratio of 1.97 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. The company had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.45 earnings per share. On average, analysts predict that Spotify Technology will post 10.3 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.