Hartford Investment Management Co. Grows Stake in Spotify Technology $SPOT

Key Points

• Hartford Investment Management Co. has increased its stake in Spotify Technology by 27.5%, owning 1,847 shares valued at approximately $1.42 million following the purchase of 398 additional shares in Q2.
• Spotify's stock has experienced updates from analysts, with Citigroup and Wells Fargo raising their price objectives to $750, while analysts maintain an average target price of $726.84 and a "Moderate Buy" rating.
• The company recently reported a quarterly loss of $(0.42) EPS, missing estimates significantly, although it generated $4.94 billion in revenue, which surpassed expectations.

Hartford Investment Management Co. increased its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 27.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,847 shares of the company's stock after purchasing an additional 398 shares during the quarter. Hartford Investment Management Co.'s holdings in Spotify Technology were worth $1,417,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of the company. Tsfg LLC purchased a new stake in shares of Spotify Technology in the 1st quarter worth about $28,000. Cornerstone Planning Group LLC raised its position in Spotify Technology by 512.5% during the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after acquiring an additional 41 shares during the last quarter. North Star Investment Management Corp. raised its position in Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after acquiring an additional 19 shares during the last quarter. Truvestments Capital LLC purchased a new stake in shares of Spotify Technology in the first quarter valued at about $34,000. Finally, HM Payson & Co. grew its position in shares of Spotify Technology by 39.1% in the first quarter. HM Payson & Co. now owns 64 shares of the company's stock valued at $35,000 after purchasing an additional 18 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Citigroup lifted their price objective on Spotify Technology from $715.00 to $750.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 9th. BNP Paribas Exane initiated coverage on Spotify Technology in a report on Tuesday, September 16th. They issued an "outperform" rating and a $900.00 price target for the company. DZ Bank raised Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price objective on the stock in a research note on Wednesday, July 30th. Wells Fargo & Company boosted their target price on shares of Spotify Technology from $740.00 to $750.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Finally, Guggenheim restated a "buy" rating and issued a $850.00 target price on shares of Spotify Technology in a report on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $726.84.

Spotify Technology Trading Up 0.5%

Shares of NYSE:SPOT opened at $715.87 on Friday. The firm has a market cap of $146.54 billion, a price-to-earnings ratio of 173.76, a PEG ratio of 3.08 and a beta of 1.71. The stock's 50-day moving average price is $694.06 and its two-hundred day moving average price is $660.33. Spotify Technology has a 12-month low of $362.31 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The company had revenue of $4.94 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same period in the prior year, the company earned $1.33 EPS. The company's revenue was up 10.1% compared to the same quarter last year. Spotify Technology has set its Q3 2025 guidance at EPS. As a group, research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal 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.

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