Avantax Advisory Services Inc. Increases Stock Holdings in Spotify Technology (NYSE:SPOT)

Key Points

• Avantax Advisory Services Inc. increased its stake in Spotify Technology by 9.4%, purchasing an additional 756 shares for a total of 8,769 shares worth approximately $4.82 million.
• Several large institutional investors, including O Shaughnessy Asset Management and GAMMA Investing LLC, have significantly increased their holdings in Spotify, contributing to institutional ownership of 84.09% of the company's stock.
• Spotify's recent quarterly earnings report showed an EPS of $1.13, missing analysts' expectations, but revenue rose by 15.2% year-over-year, reaching $4.41 billion.

Avantax Advisory Services Inc. boosted its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 9.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,769 shares of the company's stock after purchasing an additional 756 shares during the quarter. Avantax Advisory Services Inc.'s holdings in Spotify Technology were worth $4,823,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. O Shaughnessy Asset Management LLC lifted its position in Spotify Technology by 18.5% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 22,598 shares of the company's stock worth $10,110,000 after buying an additional 3,536 shares during the last quarter. QRG Capital Management Inc. lifted its position in Spotify Technology by 36.3% in the first quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock worth $391,000 after buying an additional 189 shares during the last quarter. GAMMA Investing LLC lifted its position in Spotify Technology by 38.1% in the first quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock worth $718,000 after buying an additional 360 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in Spotify Technology by 16.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock worth $4,699,000 after buying an additional 1,179 shares during the last quarter. Finally, Fifth Third Bancorp lifted its position in Spotify Technology by 30.7% in the first quarter. Fifth Third Bancorp now owns 302 shares of the company's stock worth $166,000 after buying an additional 71 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Cantor Fitzgerald increased their target price on Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. Morgan Stanley reduced their target price on Spotify Technology from $850.00 to $800.00 and set an "overweight" rating on the stock in a research note on Wednesday. DZ Bank upgraded Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 target price on the stock in a research note on Wednesday. Oppenheimer upgraded Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 target price on the stock in a research note on Thursday, July 24th. Finally, Guggenheim increased their target price on Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Nine investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Stock Down 2.1%

NYSE:SPOT traded down $13.37 during mid-day trading on Thursday, reaching $637.10. 1,922,249 shares of the stock were exchanged, compared to its average volume of 2,328,587. The company has a 50 day simple moving average of $701.48 and a 200-day simple moving average of $621.28. The stock has a market capitalization of $130.42 billion, a P/E ratio of 154.60, a P/E/G ratio of 1.67 and a beta of 1.68. Spotify Technology has a 1 year low of $300.57 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 4.76% and a return on equity of 14.62%. The firm had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter in the prior year, the firm posted $0.97 EPS. Spotify Technology's quarterly revenue was up 15.2% compared to the same quarter last year. As a group, research analysts predict that Spotify Technology will post 10.3 EPS 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.