Summit Trail Advisors LLC Acquires 732 Shares of Spotify Technology S.A. (NYSE:SPOT)

Summit Trail Advisors LLC boosted its holdings in Spotify Technology S.A. (NYSE:SPOT) by 30.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,157 shares of the company’s stock after buying an additional 732 shares during the quarter. Summit Trail Advisors LLC’s holdings in Spotify Technology were worth $1,412,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. raised its holdings in Spotify Technology by 5.8% during the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after purchasing an additional 26 shares during the last quarter. West Bancorporation Inc. raised its holdings in Spotify Technology by 3.4% during the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after purchasing an additional 27 shares during the last quarter. Joel Isaacson & Co. LLC raised its holdings in Spotify Technology by 1.9% during the 4th quarter. Joel Isaacson & Co. LLC now owns 1,559 shares of the company’s stock worth $697,000 after purchasing an additional 29 shares during the last quarter. Avior Wealth Management LLC raised its holdings in Spotify Technology by 12.0% during the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after purchasing an additional 30 shares during the last quarter. Finally, Park National Corp OH raised its holdings in Spotify Technology by 4.1% during the 4th quarter. Park National Corp OH now owns 793 shares of the company’s stock worth $355,000 after purchasing an additional 31 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $480.00 price objective (down previously from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Bank of America raised their price objective 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. Rosenblatt Securities reaffirmed a “neutral” rating and set a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Finally, Guggenheim raised their price objective on shares of Spotify Technology from $520.00 to $675.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $514.79.

Spotify Technology Price Performance

SPOT opened at $637.88 on Tuesday. The company has a market capitalization of $126.97 billion, a price-to-earnings ratio of 107.21 and a beta of 1.63. Spotify Technology S.A. has a 1 year low of $228.07 and a 1 year high of $642.27. The firm’s fifty day moving average price is $493.96 and its two-hundred day moving average price is $415.80.

Spotify Technology (NYSE:SPOT) last released 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 business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.36 earnings per share. As a group, equities analysts anticipate that Spotify Technology S.A. will post 9.69 EPS for the current year.

Spotify Technology Company 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.