World Investment Advisors Makes New $1.28 Million Investment in Spotify Technology $SPOT

World Investment Advisors acquired a new position in shares of Spotify Technology (NYSE:SPOT) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,673 shares of the company’s stock, valued at approximately $1,284,000.

Other hedge funds have also modified their holdings of the company. Sound Income Strategies LLC grew its stake in shares of Spotify Technology by 156.3% during the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after purchasing an additional 25 shares during the last quarter. GFG Capital LLC bought a new stake in shares of Spotify Technology during the second quarter valued at approximately $33,000. Cornerstone Planning Group LLC grew its stake in shares of Spotify Technology by 512.5% during the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock valued at $29,000 after purchasing an additional 41 shares during the last quarter. Avion Wealth bought a new stake in shares of Spotify Technology during the second quarter valued at approximately $38,000. Finally, Truvestments Capital LLC bought a new stake in shares of Spotify Technology during the first quarter valued at approximately $34,000. 84.09% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. BNP Paribas raised shares of Spotify Technology to a “strong-buy” rating in a research note on Tuesday, September 16th. DZ Bank raised shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $652.00 price target on the stock in a research note on Wednesday, July 30th. Benchmark decreased their price target on shares of 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 lowered their target price on shares of Spotify Technology from $860.00 to $830.00 and set an “overweight” rating for the company in a report on Wednesday, July 30th. Finally, Sanford C. Bernstein increased their price target on Spotify Technology from $825.00 to $840.00 and gave the company an “outperform” rating in a research note on Tuesday, July 8th. One investment 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. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $731.81.

Spotify Technology Stock Down 0.3%

SPOT opened at $654.99 on Friday. Spotify Technology has a 12 month low of $376.04 and a 12 month high of $785.00. The company has a fifty day simple moving average of $691.63 and a 200 day simple moving average of $680.34. The stock has a market cap of $134.08 billion, a P/E ratio of 158.98, a P/E/G ratio of 3.46 and a beta of 1.67.

Spotify Technology (NYSE:SPOT) last released 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 firm 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%. Spotify Technology’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.33 EPS. On average, equities research analysts expect 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.