Independent Advisor Alliance Grows Stock Holdings in Spotify Technology (NYSE:SPOT)

Key Points

• Independent Advisor Alliance increased its stake in Spotify Technology by 7.4%, owning a total of 10,615 shares worth approximately $5.8 million after acquiring more shares in Q1.
• Several hedge funds also amplified their holdings in Spotify during the first quarter, with Wealth Enhancement Advisory Services LLC seeing the largest increase of 238.8% in its stake.
• Spotify recently reported a quarterly EPS of ($0.42), significantly missing analyst expectations of $2.00, though the company’s revenue was up by 10.1% year-over-year to $4.94 billion.

Independent Advisor Alliance increased its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 7.4% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 10,615 shares of the company's stock after acquiring an additional 728 shares during the period. Independent Advisor Alliance's holdings in Spotify Technology were worth $5,839,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Bank of Nova Scotia grew its stake in Spotify Technology by 36.4% during the 4th quarter. Bank of Nova Scotia now owns 750 shares of the company's stock worth $336,000 after buying an additional 200 shares during the last quarter. Martingale Asset Management L P boosted its position in Spotify Technology by 13.3% during the 4th quarter. Martingale Asset Management L P now owns 735 shares of the company's stock worth $329,000 after acquiring an additional 86 shares during the period. Sterling Capital Management LLC lifted its holdings in shares of Spotify Technology by 6.5% in the fourth quarter. Sterling Capital Management LLC now owns 6,253 shares of the company's stock valued at $2,797,000 after buying an additional 384 shares during the period. Townsquare Capital LLC lifted its holdings in shares of Spotify Technology by 437.0% in the fourth quarter. Townsquare Capital LLC now owns 5,338 shares of the company's stock valued at $2,388,000 after buying an additional 4,344 shares during the period. Finally, Savvy Advisors Inc. acquired a new stake in shares of Spotify Technology in the fourth quarter valued at $225,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

NYSE:SPOT traded up $38.00 during trading hours on Friday, hitting $736.50. The stock had a trading volume of 1,775,122 shares, compared to its average volume of 2,320,110. Spotify Technology has a one year low of $319.07 and a one year high of $785.00. The firm has a market capitalization of $150.77 billion, a price-to-earnings ratio of 178.73, a P/E/G ratio of 3.01 and a beta of 1.69. The company has a 50 day simple moving average of $702.88 and a two-hundred day simple moving average of $635.18.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share 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 the consensus estimate 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 for the quarter was up 10.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.33 earnings per share. Equities research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on SPOT shares. Evercore ISI boosted their target price on Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a research report on Monday, June 16th. Macquarie upped their target price on Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Bank of America upped their price target on Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Guggenheim increased their target price on Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a research note on Wednesday, June 25th. Finally, Benchmark decreased their target price on Spotify Technology from $840.00 to $800.00 and set a "buy" rating for the company in a research note on Wednesday, July 30th. Ten analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to MarketBeat, Spotify Technology presently has an average rating of "Moderate Buy" and an average price target of $718.90.

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.