Spotify Technology $SPOT Shares Bought by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC increased its holdings in Spotify Technology by 0.3%, now owning approximately 206,793 shares, valued at about $158.9 million.
• Spotify's stock opened at $681.46 but is currently down 3.7%, with a market capitalization of $139.5 billion.
• Despite a quarterly EPS miss of ($0.42), Spotify had a revenue increase of 10.1% year-over-year, totaling $4.94 billion for the quarter.

DAVENPORT & Co LLC lifted its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 0.3% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 206,793 shares of the company's stock after purchasing an additional 517 shares during the period. Spotify Technology makes up 0.9% of DAVENPORT & Co LLC's holdings, making the stock its 26th biggest holding. DAVENPORT & Co LLC owned approximately 0.10% of Spotify Technology worth $158,932,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Hartford Investment Management Co. increased its position in shares of Spotify Technology by 1.1% during the first quarter. Hartford Investment Management Co. now owns 1,449 shares of the company's stock worth $797,000 after acquiring an additional 16 shares during the period. Stonekeep Investments LLC increased its holdings in Spotify Technology by 2.1% during the 2nd quarter. Stonekeep Investments LLC now owns 773 shares of the company's stock worth $593,000 after purchasing an additional 16 shares during the period. Moody National Bank Trust Division raised its position in Spotify Technology by 0.5% in the 2nd quarter. Moody National Bank Trust Division now owns 2,931 shares of the company's stock valued at $2,249,000 after purchasing an additional 16 shares in the last quarter. Citizens Financial Group Inc. RI lifted its stake in Spotify Technology by 3.7% in the first quarter. Citizens Financial Group Inc. RI now owns 477 shares of the company's stock worth $262,000 after acquiring an additional 17 shares during the last quarter. Finally, HM Payson & Co. raised its holdings in shares of Spotify Technology by 39.1% in the 1st quarter. HM Payson & Co. now owns 64 shares of the company's stock valued at $35,000 after purchasing an additional 18 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Down 3.7%

NYSE:SPOT opened at $681.46 on Monday. The stock's 50 day moving average price is $695.85 and its 200 day moving average price is $665.34. The company has a market capitalization of $139.50 billion, a PE ratio of 165.40, a P/E/G ratio of 3.22 and a beta of 1.67. Spotify Technology has a 52-week low of $362.31 and a 52-week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). The firm had revenue of $4.94 billion during the quarter, compared to analysts' expectations of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. Spotify Technology's quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.33 EPS. Spotify Technology has set its Q3 2025 guidance at EPS. As a group, sell-side analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of analyst reports. Cantor Fitzgerald boosted their target price on shares of Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. BNP Paribas raised Spotify Technology to a "strong-buy" rating in a research report on Tuesday, September 16th. The Goldman Sachs Group lowered Spotify Technology from a "buy" rating to a "neutral" rating and raised their target price for the stock from $765.00 to $770.00 in a research report on Tuesday, September 30th. 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. Finally, UBS Group lowered their price target on Spotify Technology from $895.00 to $850.00 and set a "buy" rating for the company in a report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $731.16.

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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