Atria Wealth Solutions Inc. Has $2.73 Million Stock Holdings in Spotify Technology (NYSE:SPOT)

Key Points

• Atria Wealth Solutions Inc. increased its stake in Spotify Technology by 52.4%, owning a total of 4,958 shares valued at approximately $2.7 million as of its latest filing.
• Several institutional investors, including Cornerstone Planning Group LLC and North Star Investment Management Corp., significantly boosted their positions in Spotify during the first quarter of 2023.
• Spotify reported a net loss of $0.42 EPS for its latest quarter, falling short of analysts' expectations, despite a year-over-year revenue increase of 10.1% to $4.94 billion.

Atria Wealth Solutions Inc. raised its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 52.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,958 shares of the company's stock after buying an additional 1,705 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in Spotify Technology were worth $2,727,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Hartford Investment Management Co. boosted its stake in Spotify Technology by 1.1% during the 1st quarter. Hartford Investment Management Co. now owns 1,449 shares of the company's stock valued at $797,000 after purchasing an additional 16 shares in the last quarter. HM Payson & Co. boosted its stake in Spotify Technology by 39.1% during the 1st quarter. HM Payson & Co. now owns 64 shares of the company's stock valued at $35,000 after purchasing an additional 18 shares in the last quarter. North Star Investment Management Corp. boosted its stake in Spotify Technology by 52.8% during the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after purchasing an additional 19 shares in the last quarter. Adero Partners LLC boosted its stake in Spotify Technology by 0.7% during the 1st quarter. Adero Partners LLC now owns 2,635 shares of the company's stock valued at $1,449,000 after purchasing an additional 19 shares in the last quarter. Finally, Covenant Partners LLC boosted its stake in Spotify Technology by 2.5% during the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock valued at $458,000 after purchasing an additional 25 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. UBS Group reduced their price objective on Spotify Technology from $895.00 to $850.00 and set a "buy" rating for the company in a research note on Wednesday, July 30th. Loop Capital increased their target price on shares of Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research report on Friday, May 2nd. The Goldman Sachs Group raised their price target on Spotify Technology from $680.00 to $775.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company raised their price target on Spotify Technology from $740.00 to $750.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Finally, Macquarie lifted their target price on Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Ten investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of "Moderate Buy" and a consensus price target of $718.90.

Spotify Technology Trading Up 2.9%

Spotify Technology stock traded up $19.64 during mid-day trading on Friday, reaching $706.38. The company had a trading volume of 2,361,417 shares, compared to its average volume of 2,795,071. The business has a fifty day simple moving average of $702.55 and a 200 day simple moving average of $631.84. The company has a market cap of $144.60 billion, a P/E ratio of 171.45, a P/E/G ratio of 3.06 and a beta of 1.69. Spotify Technology has a fifty-two week low of $319.07 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of $2.00 by ($2.42). The business had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. Spotify Technology's revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.33 EPS. Research analysts forecast that Spotify Technology will post 10.3 EPS for the current year.

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.