Spotify Technology $SPOT Shares Bought by Prakash Investment Advisors LLC

Prakash Investment Advisors LLC lifted its stake in shares of Spotify Technology (NYSE:SPOT) by 25.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 9,300 shares of the company’s stock after acquiring an additional 1,900 shares during the period. Spotify Technology accounts for about 4.4% of Prakash Investment Advisors LLC’s portfolio, making the stock its 8th largest position. Prakash Investment Advisors LLC’s holdings in Spotify Technology were worth $6,491,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also bought and sold shares of SPOT. Sivia Capital Partners LLC bought a new position in shares of Spotify Technology during the 2nd quarter worth about $312,000. Chicago Partners Investment Group LLC raised its stake in Spotify Technology by 87.1% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 582 shares of the company’s stock worth $447,000 after buying an additional 271 shares during the period. Avidian Wealth Enterprises LLC bought a new position in Spotify Technology in the second quarter worth approximately $248,000. Whittier Trust Co. of Nevada Inc. grew its stake in Spotify Technology by 43.8% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 2,336 shares of the company’s stock valued at $1,792,000 after acquiring an additional 711 shares during the period. Finally, D.A. Davidson & CO. increased its holdings in shares of Spotify Technology by 13.2% during the second quarter. D.A. Davidson & CO. now owns 13,469 shares of the company’s stock valued at $10,335,000 after acquiring an additional 1,566 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $485.13 on Friday. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00. The company has a 50-day simple moving average of $523.96 and a two-hundred day simple moving average of $616.25. The company has a market capitalization of $99.85 billion, a price-to-earnings ratio of 50.33, a PEG ratio of 1.06 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $3.16 by $2.00. The firm had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.88 EPS. On average, sell-side analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on SPOT shares. Barclays increased their target price on Spotify Technology from $625.00 to $650.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. KeyCorp reduced their price objective on shares of Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a report on Monday, February 9th. Erste Group Bank lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Finally, Benchmark dropped their price target on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research report on Friday, January 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $706.42.

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.