Scotia Capital Inc. Buys 3,553 Shares of Spotify Technology (NYSE:SPOT)

Key Points

• Scotia Capital Inc. increased its stake in Spotify Technology by 103.6%, acquiring an additional 3,553 shares, bringing its total holdings to 6,981 shares valued at approximately $3.84 million.
• Spotify reported a loss of $0.42 per share in its latest earnings announcement, significantly missing the analysts' consensus estimate of $2.00, despite a revenue increase of 10.1% year-over-year to $4.94 billion.
• Wall Street analysts have mixed views on Spotify's stock, with a current average rating of "Moderate Buy" and a target price of $718.90, amidst recent adjustments in price targets by major firms.

Scotia Capital Inc. grew its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 103.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,981 shares of the company's stock after buying an additional 3,553 shares during the period. Scotia Capital Inc.'s holdings in Spotify Technology were worth $3,840,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Mpwm Advisory Solutions LLC acquired a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $26,000. Tsfg LLC acquired a new stake in Spotify Technology in the first quarter worth $28,000. Copia Wealth Management bought a new position in shares of Spotify Technology during the fourth quarter worth $29,000. Cornerstone Planning Group LLC grew its holdings in shares of 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 during the period. Finally, North Star Investment Management Corp. increased its position in shares of 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. Institutional investors own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Morgan Stanley dropped their price target on Spotify Technology from $850.00 to $800.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. Evercore ISI lifted their price target 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. UBS Group dropped their price objective on shares of Spotify Technology from $895.00 to $850.00 and set a "buy" rating on the stock in a report on Wednesday, July 30th. Pivotal Research upped their target price on shares of Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. Finally, Barclays lowered their target price on Spotify Technology from $800.00 to $750.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. Nine research 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, the stock currently has an average rating of "Moderate Buy" and an average price target of $718.90.

Spotify Technology Stock Performance

SPOT stock opened at $660.37 on Tuesday. Spotify Technology has a 52 week low of $300.57 and a 52 week high of $785.00. The company's 50-day simple moving average is $700.81 and its 200 day simple moving average is $626.67. The company has a market capitalization of $135.18 billion, a PE ratio of 160.28, a price-to-earnings-growth ratio of 2.71 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced 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 business had revenue of $4.94 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the previous year, the company earned $1.33 EPS. The business's revenue for the quarter was up 10.1% on a year-over-year basis. On average, analysts forecast that Spotify Technology will post 10.3 EPS for the current 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.

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