Spotify Technology $SPOT Shares Acquired by Mercer Global Advisors Inc. ADV

Mercer Global Advisors Inc. ADV lifted its stake in shares of Spotify Technology (NYSE:SPOT) by 1.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 121,557 shares of the company’s stock after acquiring an additional 1,508 shares during the period. Mercer Global Advisors Inc. ADV owned 0.06% of Spotify Technology worth $84,847,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Knuff & Co LLC purchased a new stake in shares of Spotify Technology in the second quarter valued at about $27,000. Heartwood Wealth Advisors LLC purchased a new position in Spotify Technology during the third quarter worth about $27,000. Greykasell Wealth Strategies Inc. raised its stake in Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares during the period. Total Investment Management Inc. acquired a new position in Spotify Technology in the 2nd quarter valued at about $29,000. Finally, Westfuller Advisors LLC purchased a new stake in shares of Spotify Technology in the 3rd quarter valued at approximately $29,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on SPOT shares. Pivotal Research downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating and cut their price target for the stock from $875.00 to $420.00 in a report on Wednesday, February 11th. Citigroup upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective on the stock in a report on Friday, January 30th. Citizens Jmp began coverage on Spotify Technology in a research report on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 price objective for the company. Erste Group Bank cut Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. Finally, Weiss Ratings downgraded Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, February 26th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $703.87.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $524.63 on Tuesday. The firm’s 50 day moving average price is $500.97 and its 200-day moving average price is $593.53. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The firm has a market cap of $108.01 billion, a P/E ratio of 54.42, a P/E/G ratio of 1.13 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The firm had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the company posted $1.88 EPS. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. As a group, research analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Spotify Technology Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.