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

First Horizon Advisors Inc. grew its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 99.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,006 shares of the company's stock after purchasing an additional 502 shares during the period. First Horizon Advisors Inc.'s holdings in Spotify Technology were worth $553,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Fiduciary Group LLC acquired a new position in Spotify Technology in the 1st quarter worth about $223,000. Aaron Wealth Advisors LLC lifted its position in shares of Spotify Technology by 50.1% in the 1st quarter. Aaron Wealth Advisors LLC now owns 920 shares of the company's stock worth $506,000 after acquiring an additional 307 shares during the period. Fedenia Advisers LLC lifted its position in shares of Spotify Technology by 70.5% in the 1st quarter. Fedenia Advisers LLC now owns 1,777 shares of the company's stock worth $977,000 after acquiring an additional 735 shares during the period. DAVENPORT & Co LLC raised its holdings in shares of Spotify Technology by 4.2% in the 1st quarter. DAVENPORT & Co LLC now owns 206,276 shares of the company's stock worth $113,991,000 after buying an additional 8,373 shares in the last quarter. Finally, Summit Trail Advisors LLC increased its holdings in Spotify Technology by 34.1% during the 1st quarter. Summit Trail Advisors LLC now owns 4,235 shares of the company's stock valued at $2,329,000 after purchasing an additional 1,078 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Wolfe Research upgraded Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price on the stock in a report on Monday, April 21st. Canaccord Genuity Group lifted their target price on Spotify Technology from $775.00 to $850.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Loop Capital boosted their price target on Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a report on Friday, May 2nd. Cantor Fitzgerald boosted their price target on Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 18th. Finally, Guggenheim upped their target price on Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $660.28.

Spotify Technology Stock Performance

SPOT traded up $4.89 during midday trading on Monday, reaching $729.94. 922,525 shares of the company were exchanged, compared to its average volume of 2,223,493. The company's fifty day moving average price is $678.50 and its 200 day moving average price is $593.82. The company has a market cap of $149.43 billion, a price-to-earnings ratio of 121.01, a price-to-earnings-growth ratio of 1.91 and a beta of 1.68. Spotify Technology has a one year low of $288.07 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter in the previous year, the firm earned $0.97 EPS. Spotify Technology's quarterly revenue was up 15.2% on a year-over-year basis. As a group, sell-side analysts anticipate 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.