LPL Financial LLC Boosts Position in Spotify Technology (NYSE:SPOT)

Key Points

• LPL Financial LLC increased its holdings in Spotify Technology by 22.4%, now owning 102,008 shares valued at approximately $56 million.
• Several institutional investors are actively adjusting their stakes in Spotify, with Cornerstone Planning Group lifting its stake by 512.5%.
• Spotify's recent earnings report showed a missed EPS expectation of $1.13 versus an anticipated $2.29, despite revenue growth of 15.2% year-over-year.

LPL Financial LLC increased its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 22.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 102,008 shares of the company's stock after purchasing an additional 18,644 shares during the quarter. LPL Financial LLC's holdings in Spotify Technology were worth $56,108,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Cornerstone Planning Group LLC lifted its stake in Spotify Technology by 512.5% in the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after buying an additional 41 shares during the last quarter. Tsfg LLC acquired a new position in shares of Spotify Technology in the first quarter valued at approximately $28,000. North Star Investment Management Corp. increased its holdings in shares of Spotify Technology by 52.8% in the first 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 during the period. Mpwm Advisory Solutions LLC acquired a new position in shares of Spotify Technology in the fourth quarter valued at approximately $26,000. Finally, Copia Wealth Management acquired a new position in shares of Spotify Technology in the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Performance

SPOT opened at $626.44 on Friday. The business's fifty day moving average is $701.27 and its two-hundred day moving average is $622.44. The company has a market cap of $128.24 billion, a price-to-earnings ratio of 152.05, a PEG ratio of 1.84 and a beta of 1.68. Spotify Technology has a one year low of $300.57 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted 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). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The firm had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter in the previous year, the firm posted $0.97 earnings per share. The firm's revenue for the quarter was up 15.2% compared to the same quarter last year. On average, analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on SPOT shares. KeyCorp dropped their target price on Spotify Technology from $860.00 to $830.00 and set an "overweight" rating on the stock in a report on Wednesday. Evercore ISI boosted their target price on Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a report on Monday, June 16th. Deutsche Bank Aktiengesellschaft boosted their target price on Spotify Technology from $700.00 to $775.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Barclays dropped their target price on Spotify Technology from $800.00 to $750.00 and set an "overweight" rating on the stock in a report on Wednesday. Finally, UBS Group dropped their target price on Spotify Technology from $895.00 to $850.00 and set a "buy" rating on the stock in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, Spotify Technology presently has an average rating of "Moderate Buy" and an average target price of $718.90.

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.

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