Savvy Advisors Inc. Grows Stock Holdings in Spotify Technology (NYSE:SPOT)

Key Points

• Savvy Advisors Inc. has significantly increased its stake in Spotify Technology by 407.7% during the first quarter, now owning 2,559 shares valued at approximately $1.41 million.
• Other institutional investors, including Goldman Sachs and Jennison Associates, have also raised their holdings in Spotify, contributing to the fact that institutional investors now own 84.09% of the company’s stock.
• Despite a revenue increase of 10.1% year-over-year, Spotify reported a quarterly loss of ($0.42) earnings per share, significantly missing analyst estimates.

Savvy Advisors Inc. lifted its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 407.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,559 shares of the company's stock after acquiring an additional 2,055 shares during the quarter. Savvy Advisors Inc.'s holdings in Spotify Technology were worth $1,408,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Cornerstone Planning Group LLC lifted its stake in Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after buying an additional 41 shares in the last quarter. Tsfg LLC purchased a new position in Spotify Technology in the 1st quarter valued at about $28,000. North Star Investment Management Corp. lifted its stake in Spotify Technology by 52.8% in the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after buying an additional 19 shares in the last quarter. Mpwm Advisory Solutions LLC purchased a new position in Spotify Technology in the 4th quarter valued at about $26,000. Finally, Copia Wealth Management purchased a new position in Spotify Technology in the 4th quarter valued at about $29,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on SPOT. Barclays decreased their price target on shares of Spotify Technology from $800.00 to $750.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Canaccord Genuity Group raised their target price 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. Benchmark decreased their target price on shares of Spotify Technology from $840.00 to $800.00 and set a "buy" rating on the stock in a research note on Wednesday, July 30th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Spotify Technology from $700.00 to $775.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Finally, The Goldman Sachs Group raised their target price on shares of Spotify Technology from $680.00 to $775.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Ten investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $718.90.

Spotify Technology Trading Up 2.9%

Spotify Technology stock traded up $19.64 during trading on Friday, hitting $706.38. The company had a trading volume of 2,361,417 shares, compared to its average volume of 2,795,071. Spotify Technology has a 1-year low of $319.07 and a 1-year high of $785.00. The company's 50 day simple moving average is $702.55 and its 200-day simple moving average is $631.84. The stock has a market cap of $144.60 billion, a price-to-earnings ratio of 171.45, a price-to-earnings-growth ratio of 3.06 and a beta of 1.69.

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

Spotify Technology 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.