Janney Montgomery Scott LLC Purchases 4,137 Shares of Spotify Technology (NYSE:SPOT)

Janney Montgomery Scott LLC raised its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 11.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,913 shares of the company's stock after buying an additional 4,137 shares during the period. Janney Montgomery Scott LLC's holdings in Spotify Technology were worth $21,403,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in SPOT. Thrivent Financial for Lutherans increased its stake in shares of Spotify Technology by 566.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after purchasing an additional 6,782 shares in the last quarter. Steward Partners Investment Advisory LLC increased its position in Spotify Technology by 4.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,072 shares of the company's stock worth $927,000 after buying an additional 85 shares in the last quarter. Amundi increased its position in Spotify Technology by 194.2% in the fourth quarter. Amundi now owns 750,030 shares of the company's stock worth $359,812,000 after buying an additional 495,087 shares in the last quarter. O Shaughnessy Asset Management LLC raised its stake in shares of 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 period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Spotify Technology by 108.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 150,804 shares of the company's stock valued at $67,467,000 after buying an additional 78,499 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Price Performance

Shares of NYSE:SPOT traded down $10.52 on Thursday, hitting $710.76. 1,601,194 shares of the company's stock were exchanged, compared to its average volume of 2,206,338. The stock has a market capitalization of $145.50 billion, a price-to-earnings ratio of 117.87, a price-to-earnings-growth ratio of 1.89 and a beta of 1.68. Spotify Technology has a 12 month low of $288.07 and a 12 month high of $728.80. The business's 50 day simple moving average is $639.86 and its two-hundred day simple moving average is $571.10.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The company had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business's revenue was up 15.2% compared to the same quarter last year. During the same period last year, the business posted $0.97 earnings per share. Equities analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of Spotify Technology from $670.00 to $730.00 and gave the stock an "overweight" rating in a report on Wednesday, June 4th. Canaccord Genuity Group reissued a "buy" rating on shares of Spotify Technology in a research note on Friday, June 6th. UBS Group restated an "overweight" rating on shares of Spotify Technology in a research note on Friday, June 6th. Sanford C. Bernstein upgraded Spotify Technology to a "strong-buy" rating in a research note on Tuesday, June 3rd. Finally, Wells Fargo & Company boosted their price objective on Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research report on Friday, March 28th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Spotify Technology has an average rating of "Moderate Buy" and a consensus target price of $630.28.

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.