MSA Advisors LLC Has $11.70 Million Holdings in Spotify Technology (NYSE:SPOT)

Key Points

• MSA Advisors LLC increased its holdings in Spotify Technology by 397.7% during the first quarter, owning 21,275 shares valued at approximately $11.70 million.
• Several institutional investors, including Invesco Ltd and Covestor Ltd, significantly boosted their positions in Spotify, with institutional owners now holding 84.09% of the company's stock.
• Analysts have mixed opinions on Spotify, with target price upgrades from some firms, predicting prices as high as $850, while others have issued more conservative estimates.

MSA Advisors LLC grew its position in Spotify Technology (NYSE:SPOT - Free Report) by 397.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 21,275 shares of the company's stock after purchasing an additional 17,000 shares during the period. Spotify Technology makes up approximately 3.0% of MSA Advisors LLC's holdings, making the stock its 10th biggest position. MSA Advisors LLC's holdings in Spotify Technology were worth $11,702,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of SPOT. Invesco Ltd. boosted its holdings in shares of Spotify Technology by 3.7% in the first quarter. Invesco Ltd. now owns 1,240,028 shares of the company's stock valued at $682,053,000 after acquiring an additional 44,340 shares in the last quarter. Covestor Ltd boosted its holdings in shares of Spotify Technology by 226.4% in the first quarter. Covestor Ltd now owns 1,149 shares of the company's stock valued at $632,000 after acquiring an additional 797 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Spotify Technology in the first quarter valued at approximately $559,000. Zions Bancorporation National Association UT bought a new position in shares of Spotify Technology in the first quarter valued at approximately $351,000. Finally, Townsquare Capital LLC boosted its holdings in shares of Spotify Technology by 21.9% in the first quarter. Townsquare Capital LLC now owns 6,509 shares of the company's stock valued at $3,580,000 after acquiring an additional 1,171 shares in the last quarter. Institutional investors own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SPOT. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective for the company in a report on Monday, April 21st. Evercore ISI increased their target price on shares of Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a research note on Monday, June 16th. Sanford C. Bernstein increased their target price on shares of Spotify Technology from $825.00 to $840.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Rosenblatt Securities cut their target price on shares of Spotify Technology from $703.00 to $679.00 and set a "neutral" rating for the company in a research note on Wednesday, July 30th. Finally, Canaccord Genuity Group increased their target price on shares of Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Ten equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, Spotify Technology presently has an average rating of "Moderate Buy" and a consensus target price of $718.90.

Spotify Technology Stock Up 2.9%

SPOT stock opened at $706.38 on Friday. Spotify Technology has a 12-month low of $319.07 and a 12-month high of $785.00. The company has a market cap of $144.60 billion, a price-to-earnings ratio of 171.45, a PEG ratio of 3.06 and a beta of 1.69. The company has a 50 day moving average of $702.55 and a two-hundred day moving average of $630.93.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The company had revenue of $4.94 billion during the quarter, compared to analysts' expectations of $4.29 billion. During the same quarter in the previous year, the company earned $1.33 EPS. The firm's quarterly revenue was up 10.1% compared to the same quarter last year. On average, research analysts anticipate that Spotify Technology will post 10.3 EPS for the current 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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