Spotify Technology $SPOT Position Increased by Legacy Capital Group California Inc.

Key Points

• Legacy Capital Group California Inc. increased its stake in Spotify Technology by 110.9% in Q2, owning 3,896 shares valued at approximately $2.99 million.
• Institutional investors collectively hold 84.09% of Spotify's stock, indicating significant institutional interest in the company.
• Spotify's recent earnings miss expectations, reporting ($0.42) EPS, but achieved revenue of $4.94 billion, above the consensus estimate of $4.29 billion.

Legacy Capital Group California Inc. grew its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 110.9% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,896 shares of the company's stock after purchasing an additional 2,049 shares during the quarter. Spotify Technology makes up about 0.8% of Legacy Capital Group California Inc.'s holdings, making the stock its 18th largest position. Legacy Capital Group California Inc.'s holdings in Spotify Technology were worth $2,990,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in SPOT. Cornerstone Planning Group LLC lifted its stake in Spotify Technology by 512.5% in the first 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 last quarter. Tsfg LLC acquired a new stake in Spotify Technology during the 1st quarter worth $28,000. North Star Investment Management Corp. increased its stake in Spotify Technology by 52.8% in the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after purchasing an additional 19 shares during the period. Truvestments Capital LLC acquired a new position in Spotify Technology in the 1st quarter valued at about $34,000. Finally, Copia Wealth Management purchased a new stake in shares of Spotify Technology during the fourth quarter worth approximately $29,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. 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. Morgan Stanley reduced their price objective on shares of Spotify Technology from $850.00 to $800.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Benchmark decreased their price target on Spotify Technology from $840.00 to $800.00 and set a "buy" rating on the stock in a research note on Wednesday, July 30th. KeyCorp cut their price objective on Spotify Technology from $860.00 to $830.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Finally, Canaccord Genuity Group boosted their target price on shares of Spotify Technology from $775.00 to $850.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Spotify Technology presently has an average rating of "Moderate Buy" and a consensus price target of $726.84.

Spotify Technology Stock Performance

Shares of SPOT stock traded up $2.36 during mid-day trading on Monday, reaching $737.28. 988,711 shares of the company were exchanged, compared to its average volume of 1,264,950. The business's 50 day simple moving average is $693.62 and its 200 day simple moving average is $655.70. The company has a market capitalization of $150.93 billion, a P/E ratio of 178.95, a P/E/G ratio of 3.16 and a beta of 1.71. Spotify Technology has a fifty-two week low of $362.31 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). The company had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The company's revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.33 earnings per share. Spotify Technology has set its Q3 2025 guidance at EPS. 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.