Kestra Investment Management LLC Raises Position in Spotify Technology $SPOT

Kestra Investment Management LLC boosted its position in Spotify Technology (NYSE:SPOT) by 52.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,066 shares of the company’s stock after purchasing an additional 1,050 shares during the period. Kestra Investment Management LLC’s holdings in Spotify Technology were worth $2,353,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SPOT. Joel Isaacson & Co. LLC lifted its stake in shares of Spotify Technology by 1.0% during the second quarter. Joel Isaacson & Co. LLC now owns 1,551 shares of the company’s stock worth $1,190,000 after purchasing an additional 15 shares in the last quarter. Ignite Planners LLC grew its stake in shares of Spotify Technology by 2.4% in the second quarter. Ignite Planners LLC now owns 637 shares of the company’s stock valued at $489,000 after buying an additional 15 shares in the last quarter. Stonekeep Investments LLC raised its holdings in shares of Spotify Technology by 2.1% during the 2nd quarter. Stonekeep Investments LLC now owns 773 shares of the company’s stock valued at $593,000 after buying an additional 16 shares during the period. Moody National Bank Trust Division lifted its position in Spotify Technology by 0.5% during the 2nd quarter. Moody National Bank Trust Division now owns 2,931 shares of the company’s stock worth $2,249,000 after acquiring an additional 16 shares in the last quarter. Finally, Cloud Capital Management LLC boosted its holdings in Spotify Technology by 4.8% in the 2nd quarter. Cloud Capital Management LLC now owns 392 shares of the company’s stock worth $301,000 after acquiring an additional 18 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

SPOT opened at $597.27 on Friday. Spotify Technology has a 1-year low of $443.21 and a 1-year high of $785.00. The company has a 50-day moving average of $631.45 and a 200-day moving average of $677.39. The company has a market capitalization of $122.97 billion, a P/E ratio of 93.91, a PEG ratio of 1.97 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. The business had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period last year, the firm earned $1.45 earnings per share. As a group, sell-side analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SPOT. Oppenheimer lifted their price objective on shares of Spotify Technology from $750.00 to $825.00 and gave the company an “outperform” rating in a research note on Monday, August 18th. The Goldman Sachs Group downgraded shares of Spotify Technology from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $765.00 to $770.00 in a research note on Tuesday, September 30th. JPMorgan Chase & Co. boosted their price objective on shares of Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Pivotal Research lowered their target price on Spotify Technology from $900.00 to $875.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Finally, Benchmark lifted their target price on Spotify Technology from $800.00 to $860.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $758.86.

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.