Mount Yale Investment Advisors LLC Boosts Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Mount Yale Investment Advisors LLC increased its stake in Spotify Technology S.A. (NYSE:SPOT) by 3.5% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 18,643 shares of the company’s stock after buying an additional 636 shares during the period. Spotify Technology accounts for about 0.7% of Mount Yale Investment Advisors LLC’s holdings, making the stock its 17th largest holding. Mount Yale Investment Advisors LLC’s holdings in Spotify Technology were worth $6,871,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. lifted its position in Spotify Technology by 30.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock valued at $21,024,000 after acquiring an additional 18,731 shares in the last quarter. Perpetual Ltd lifted its position in Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after acquiring an additional 148,431 shares in the last quarter. TD Asset Management Inc lifted its position in Spotify Technology by 2.4% in the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock valued at $135,339,000 after acquiring an additional 12,192 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in Spotify Technology by 121.6% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,399 shares of the company’s stock valued at $2,322,000 after acquiring an additional 4,060 shares in the last quarter. Finally, Ritholtz Wealth Management lifted its position in Spotify Technology by 64.7% in the 3rd quarter. Ritholtz Wealth Management now owns 4,495 shares of the company’s stock valued at $1,657,000 after acquiring an additional 1,765 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Down 0.8 %

Shares of Spotify Technology stock opened at $376.72 on Friday. The firm has a market cap of $71.65 billion, a price-to-earnings ratio of -562.27 and a beta of 1.58. The business has a 50-day moving average price of $355.37 and a 200-day moving average price of $324.84. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology S.A. has a twelve month low of $155.00 and a twelve month high of $389.48.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The firm had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter last year, the firm earned ($1.69) EPS. The firm’s revenue for the quarter was up 19.8% compared to the same quarter last year. Equities research analysts anticipate that Spotify Technology S.A. will post 6.22 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on SPOT. Wolfe Research began coverage on Spotify Technology in a research report on Friday, July 12th. They issued an “outperform” rating and a $390.00 price objective on the stock. Jefferies Financial Group reissued a “buy” rating and set a $385.00 price target (up from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. Barclays increased their price target on Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Macquarie increased their price target on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Finally, KeyCorp increased their price target on Spotify Technology from $440.00 to $490.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $363.24.

About Spotify Technology

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.