Independent Advisor Alliance Acquires 2,287 Shares of Spotify Technology S.A. (NYSE:SPOT)

Independent Advisor Alliance lifted its holdings in Spotify Technology S.A. (NYSE:SPOT) by 120.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,187 shares of the company’s stock after acquiring an additional 2,287 shares during the period. Independent Advisor Alliance’s holdings in Spotify Technology were worth $1,543,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SPOT. Transcendent Capital Group LLC bought a new position in Spotify Technology during the 2nd quarter valued at about $25,000. Benjamin Edwards Inc. grew its stake in shares of Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after buying an additional 58 shares during the last quarter. Mather Group LLC. raised its holdings in shares of Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after buying an additional 99 shares during the period. Asset Dedication LLC purchased a new stake in shares of Spotify Technology in the second quarter worth approximately $35,000. Finally, Larson Financial Group LLC lifted its stake in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Benchmark lifted their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Monday, November 11th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a report on Monday, October 7th. Piper Sandler raised their price objective on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. TD Cowen lifted their target price on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. increased their price target on Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Stock Performance

NYSE:SPOT opened at $476.74 on Wednesday. The firm’s fifty day moving average is $397.13 and its two-hundred day moving average is $347.15. The firm has a market cap of $94.89 billion, a price-to-earnings ratio of 129.55 and a beta of 1.56. Spotify Technology S.A. has a one year low of $179.66 and a one year high of $489.69.

Spotify Technology (NYSE:SPOT) last issued its 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). The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.36 EPS. As a group, equities research analysts predict that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal year.

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.