Independent Advisor Alliance Increases Position in Spotify Technology S.A. (NYSE:SPOT)

Independent Advisor Alliance grew its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 120.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 4,187 shares of the company’s stock after purchasing an additional 2,287 shares during the period. Independent Advisor Alliance’s holdings in Spotify Technology were worth $1,543,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. WCM Investment Management LLC boosted its stake in Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of 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 valued at $1,286,969,000 after buying an additional 102,786 shares during the last quarter. Swedbank AB raised its holdings in Spotify Technology by 13.2% in the 2nd quarter. Swedbank AB now owns 852,526 shares of the company’s stock worth $267,514,000 after acquiring an additional 99,730 shares during 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. Finally, D1 Capital Partners L.P. boosted its stake in Spotify Technology by 5.6% during the 2nd quarter. D1 Capital Partners L.P. now owns 680,061 shares of the company’s stock valued at $213,396,000 after purchasing an additional 36,000 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Performance

SPOT opened at $476.74 on Wednesday. The stock has a market capitalization of $94.89 billion, a price-to-earnings ratio of 129.55 and a beta of 1.56. The company has a fifty day moving average of $397.13 and a 200 day moving average of $347.15. Spotify Technology S.A. has a fifty-two week low of $179.66 and a fifty-two week high of $489.69.

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

Wall Street Analyst Weigh In

SPOT has been the topic of a number of research analyst reports. Phillip Securities reaffirmed an “accumulate” rating and set a $485.00 price target (up from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Macquarie raised their price target on shares of Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. TD Cowen lifted their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research note on Wednesday, November 13th. KeyCorp increased their price objective on shares of Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, Bank of America lifted their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” 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 issued a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus price target of $421.69.

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.