Petix & Botte Co Purchases New Shares in Spotify Technology $SPOT

Key Points

• Petix & Botte Co acquired a new stake in Spotify Technology, purchasing 400 shares valued at approximately $220,000 in the first quarter.
• Spotify's latest earnings report showed a loss of ($0.42) EPS, significantly missing analyst estimates, despite a revenue increase of 10.1% year-over-year.
• Several analysts have issued upgrades and increased price targets for Spotify, with Canaccord Genuity raising theirs from $775.00 to $850.00 and Bank of America from $700.00 to $900.00.

Petix & Botte Co purchased a new stake in Spotify Technology (NYSE:SPOT - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 400 shares of the company's stock, valued at approximately $220,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of SPOT. Jennison Associates LLC lifted its holdings in shares of Spotify Technology by 42.3% during the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock worth $2,336,494,000 after purchasing an additional 1,262,614 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of Spotify Technology by 3.3% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock valued at $1,939,949,000 after purchasing an additional 112,553 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Spotify Technology by 1,151.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock valued at $957,494,000 after purchasing an additional 1,601,653 shares in the last quarter. Northern Trust Corp raised its stake in shares of Spotify Technology by 10.3% during the 1st quarter. Northern Trust Corp now owns 1,574,482 shares of the company's stock worth $866,012,000 after buying an additional 147,580 shares during the last quarter. Finally, Forsta AP Fonden raised its stake in shares of Spotify Technology by 12.6% during the 1st quarter. Forsta AP Fonden now owns 1,559,652 shares of the company's stock worth $857,855,000 after buying an additional 174,700 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Performance

Shares of SPOT opened at $731.74 on Monday. The firm has a market capitalization of $149.79 billion, a price-to-earnings ratio of 177.61, a price-to-earnings-growth ratio of 3.17 and a beta of 1.69. Spotify Technology has a one year low of $319.07 and a one year high of $785.00. The stock's fifty day moving average is $703.27 and its 200-day moving average is $637.83.

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

Analyst Upgrades and Downgrades

SPOT has been the topic of several analyst reports. Canaccord Genuity Group raised their price target on shares of Spotify Technology from $775.00 to $850.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Bank of America raised their price target on shares of Spotify Technology from $700.00 to $900.00 and gave the company a "buy" rating in a report on Thursday, June 26th. KeyCorp decreased their price target on Spotify Technology from $860.00 to $830.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. Phillip Securities upgraded Spotify Technology from a "moderate sell" rating to a "hold" rating in a report on Monday, August 4th. Finally, Pivotal Research raised their price target on shares of Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Ten investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and an average price target 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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