Spotify Technology S.A. (NYSE:SPOT) Shares Bought by abrdn plc

abrdn plc lifted its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 215.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 148,282 shares of the company’s stock after purchasing an additional 101,231 shares during the quarter. abrdn plc’s holdings in Spotify Technology were worth $66,975,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SPOT. First Horizon Advisors Inc. lifted its stake in Spotify Technology by 5.8% in the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock valued at $176,000 after buying an additional 26 shares during the last quarter. West Bancorporation Inc. increased its holdings in shares of Spotify Technology by 3.4% in the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after acquiring an additional 27 shares during the period. Avior Wealth Management LLC lifted its position in Spotify Technology by 12.0% in the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after purchasing an additional 30 shares during the last quarter. Park National Corp OH boosted its stake in Spotify Technology by 4.1% during the 4th quarter. Park National Corp OH now owns 793 shares of the company’s stock valued at $355,000 after purchasing an additional 31 shares during the period. Finally, Washington Trust Advisors Inc. grew its position in Spotify Technology by 12.0% in the 3rd quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock worth $110,000 after purchasing an additional 32 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT opened at $622.69 on Wednesday. The company has a market capitalization of $123.95 billion, a price-to-earnings ratio of 169.21 and a beta of 1.63. The business’s 50-day moving average is $482.11 and its 200-day moving average is $407.08. Spotify Technology S.A. has a fifty-two week low of $219.36 and a fifty-two week high of $623.40.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the prior year, the firm earned $0.36 earnings per share. The company’s revenue was up 18.8% on a year-over-year basis. Equities research analysts expect that Spotify Technology S.A. will post 5.91 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SPOT. TD Cowen lifted their price target on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. KeyCorp boosted their price target on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Piper Sandler raised their price target on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. lifted their price objective on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $451.39.

Spotify Technology Company 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.