Cerity Partners LLC Raises Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Cerity Partners LLC boosted its stake in Spotify Technology S.A. (NYSE:SPOT) by 11.8% during the third quarter, HoldingsChannel reports. The firm owned 33,321 shares of the company’s stock after buying an additional 3,524 shares during the period. Cerity Partners LLC’s holdings in Spotify Technology were worth $12,280,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Great Valley Advisor Group Inc. increased its holdings in shares of Spotify Technology by 4.3% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 2,125 shares of the company’s stock worth $783,000 after buying an additional 87 shares during the last quarter. Covenant Asset Management LLC bought a new position in Spotify Technology in the third quarter valued at $3,364,000. L & S Advisors Inc purchased a new stake in Spotify Technology during the third quarter valued at about $1,636,000. Massachusetts Financial Services Co. MA lifted its stake in Spotify Technology by 3.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after purchasing an additional 102,786 shares during the last quarter. Finally, Landscape Capital Management L.L.C. purchased a new position in shares of Spotify Technology in the 3rd quarter worth about $2,408,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Price Performance

NYSE:SPOT opened at $479.85 on Tuesday. Spotify Technology S.A. has a one year low of $179.66 and a one year high of $489.69. The company’s 50-day simple moving average is $394.43 and its 200 day simple moving average is $345.87. The firm has a market capitalization of $95.51 billion, a P/E ratio of 130.39 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the prior year, the firm earned $0.36 earnings per share. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, equities research analysts expect that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SPOT. JPMorgan Chase & Co. raised their price objective on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Barclays boosted their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Pivotal Research increased their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Wells Fargo & Company boosted their price target on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Finally, Morgan Stanley raised their price objective on Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. One equities 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $421.69.

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.