Canton Hathaway LLC Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

Canton Hathaway LLC purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 904 shares of the company’s stock, valued at approximately $170,000.

A number of other large investors have also recently bought and sold shares of the company. Private Trust Co. NA boosted its holdings in shares of Spotify Technology by 18.4% in the 4th quarter. Private Trust Co. NA now owns 367 shares of the company’s stock valued at $69,000 after buying an additional 57 shares during the last quarter. Ieq Capital LLC boosted its holdings in shares of Spotify Technology by 0.3% in the 3rd quarter. Ieq Capital LLC now owns 24,540 shares of the company’s stock valued at $3,795,000 after buying an additional 85 shares during the last quarter. Captrust Financial Advisors boosted its holdings in shares of Spotify Technology by 0.3% in the 2nd quarter. Captrust Financial Advisors now owns 34,504 shares of the company’s stock valued at $5,540,000 after buying an additional 98 shares during the last quarter. First Manhattan Co. boosted its holdings in shares of Spotify Technology by 65.8% in the 1st quarter. First Manhattan Co. now owns 252 shares of the company’s stock valued at $38,000 after buying an additional 100 shares during the last quarter. Finally, Everhart Financial Group Inc. boosted its holdings in shares of Spotify Technology by 5.1% in the 3rd quarter. Everhart Financial Group Inc. now owns 2,151 shares of the company’s stock valued at $333,000 after buying an additional 105 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of research analyst reports. Benchmark increased their price target on Spotify Technology from $260.00 to $290.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. Bank of America increased their price target on Spotify Technology from $265.00 to $315.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. The Goldman Sachs Group increased their price target on Spotify Technology from $171.00 to $195.00 and gave the company a “neutral” rating in a research note on Tuesday, January 9th. JPMorgan Chase & Co. increased their price target on Spotify Technology from $280.00 to $320.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Finally, HSBC initiated coverage on Spotify Technology in a research note on Wednesday, March 27th. They issued a “buy” rating and a $310.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average price target of $254.16.

Spotify Technology Stock Performance

Shares of SPOT traded down $9.93 during mid-day trading on Monday, reaching $290.52. 1,942,777 shares of the company were exchanged, compared to its average volume of 1,909,823. Spotify Technology S.A. has a 52 week low of $128.67 and a 52 week high of $313.16. The stock has a market capitalization of $57.62 billion, a PE ratio of -98.42 and a beta of 1.63. The business has a 50 day simple moving average of $261.53 and a two-hundred day simple moving average of $210.27.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.72 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The firm’s revenue was up 16.0% compared to the same quarter last year. During the same period last year, the company earned ($1.43) earnings per share. On average, analysts predict that Spotify Technology S.A. will post 3.55 EPS for the current year.

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.