SteelPeak Wealth LLC Buys 1,004 Shares of Spotify Technology $SPOT

Key Points

• SteelPeak Wealth LLC increased its holdings in Spotify Technology by 82.9%, acquiring an additional 1,004 shares in the second quarter, bringing their total to 2,215 shares valued at approximately $1.7 million.
• Spotify's recent earnings report indicated a loss of ($0.42) per share, missing estimates, although revenue grew 10.1% year-over-year, totaling $4.94 billion.
• Analysts exhibit a positive outlook on Spotify with a consensus rating of "Moderate Buy" and an average price target of $731.16, with several firms recently raising their target prices for the stock.

SteelPeak Wealth LLC lifted its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 82.9% in the second quarter, according to its most recent filing with the SEC. The firm owned 2,215 shares of the company's stock after acquiring an additional 1,004 shares during the period. SteelPeak Wealth LLC's holdings in Spotify Technology were worth $1,700,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sapient Capital LLC bought a new position in shares of Spotify Technology during the 2nd quarter worth about $322,000. Swedbank AB lifted its holdings in shares of Spotify Technology by 1.4% during the 1st quarter. Swedbank AB now owns 959,587 shares of the company's stock worth $527,802,000 after acquiring an additional 13,458 shares during the period. Legacy Capital Group California Inc. lifted its holdings in shares of Spotify Technology by 110.9% during the 2nd quarter. Legacy Capital Group California Inc. now owns 3,896 shares of the company's stock worth $2,990,000 after acquiring an additional 2,049 shares during the period. Harbor Investment Advisory LLC lifted its holdings in shares of Spotify Technology by 36.0% during the 2nd quarter. Harbor Investment Advisory LLC now owns 2,054 shares of the company's stock worth $1,576,000 after acquiring an additional 544 shares during the period. Finally, Integrated Wealth Concepts LLC lifted its holdings in shares of Spotify Technology by 39.8% during the 1st quarter. Integrated Wealth Concepts LLC now owns 2,702 shares of the company's stock worth $1,486,000 after acquiring an additional 769 shares during the period. 84.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of recent analyst reports. Pivotal Research increased their target price on shares of Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Sanford C. Bernstein increased their target price on shares of Spotify Technology from $825.00 to $840.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Cantor Fitzgerald increased their target price on shares of Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 18th. KeyCorp dropped their target price on shares of 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, Wells Fargo & Company increased their target price on shares of Spotify Technology from $740.00 to $750.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and twelve have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $731.16.

Spotify Technology Trading Down 0.1%

Shares of NYSE SPOT opened at $679.89 on Wednesday. The firm has a market capitalization of $139.18 billion, a PE ratio of 165.02, a price-to-earnings-growth ratio of 3.22 and a beta of 1.67. Spotify Technology has a 1 year low of $364.26 and a 1 year high of $785.00. The firm's 50-day moving average is $696.61 and its 200-day moving average is $666.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) 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 net margin of 4.76% and a return on equity of 13.67%. The firm's revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period last year, the business posted $1.33 EPS. Spotify Technology has set its Q3 2025 guidance at EPS. As a group, equities research 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.

Want to see what other hedge funds are holding SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spotify Technology (NYSE:SPOT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.