Blair William & Co. IL Buys 30,697 Shares of Spotify Technology $SPOT

Key Points

• Blair William & Co. IL increased its stake in Spotify by 350.6%, buying 30,697 shares to own 39,453 shares valued at roughly $27.54 million as of its latest 13F filing.
• Several analysts have cut price targets and ratings (notably Pivotal downgraded to a "hold" with a $420 target), but the consensus remains a Moderate Buy with an average price target of $698.91.
• Spotify beat the quarter's expectations, reporting $5.16 EPS versus a $3.16 estimate and $5.32 billion in revenue, while its market cap is about $116.65 billion and the 1‑year stock range is $405–$785.

Blair William & Co. IL grew its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 350.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 39,453 shares of the company's stock after acquiring an additional 30,697 shares during the quarter. Blair William & Co. IL's holdings in Spotify Technology were worth $27,538,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. Sage Mountain Advisors LLC increased its position in shares of Spotify Technology by 6.3% during the third quarter. Sage Mountain Advisors LLC now owns 289 shares of the company's stock worth $201,000 after acquiring an additional 17 shares during the period. Fullerton Fund Management Co Ltd. increased its holdings in Spotify Technology by 7.0% during the 2nd quarter. Fullerton Fund Management Co Ltd. now owns 276 shares of the company's stock worth $212,000 after purchasing an additional 18 shares during the period. Granite Group Advisors LLC raised its position in Spotify Technology by 2.6% during the 3rd quarter. Granite Group Advisors LLC now owns 756 shares of the company's stock valued at $528,000 after purchasing an additional 19 shares in the last quarter. Ameritas Advisory Services LLC grew its position in shares of Spotify Technology by 7.9% during the 3rd quarter. Ameritas Advisory Services LLC now owns 260 shares of the company's stock worth $181,000 after buying an additional 19 shares in the last quarter. Finally, Aprio Wealth Management LLC grew its position in shares of Spotify Technology by 3.1% during the 3rd quarter. Aprio Wealth Management LLC now owns 633 shares of the company's stock worth $442,000 after buying an additional 19 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Pivotal Research downgraded Spotify Technology from a "buy" rating to a "hold" rating and decreased their price objective for the company from $875.00 to $420.00 in a report on Wednesday, February 11th. KeyCorp dropped their target price on shares of Spotify Technology from $830.00 to $720.00 and set an "overweight" rating on the stock in a report on Monday, February 9th. Sanford C. Bernstein cut their target price on shares of Spotify Technology from $830.00 to $650.00 and set an "outperform" rating on the stock in a research report on Wednesday, January 14th. Cantor Fitzgerald reduced their price target on shares of Spotify Technology from $615.00 to $525.00 and set a "neutral" rating for the company in a report on Wednesday, February 11th. Finally, Citizens Jmp started coverage on shares of Spotify Technology in a research report on Wednesday, December 17th. They issued a "market outperform" rating and a $800.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat, Spotify Technology has a consensus rating of "Moderate Buy" and a consensus price target of $698.91.

Spotify Technology Price Performance

SPOT opened at $566.73 on Friday. The business's 50-day moving average is $507.95 and its two-hundred day moving average is $601.40. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The firm has a market capitalization of $116.65 billion, a PE ratio of 58.79, a price-to-earnings-growth ratio of 1.23 and a beta of 1.66.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, topping analysts' consensus estimates of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The business had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the previous year, the company posted $1.88 earnings per share. The firm's revenue was up 6.8% on a year-over-year basis. As a group, sell-side analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Spotify Technology Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.