First National Bank of Mount Dora Trust Investment Services bought a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 7,793 shares of the company’s stock, valued at approximately $2,088,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Neo Ivy Capital Management purchased a new position in Spotify Technology in the third quarter valued at about $25,000. Arlington Partners LLC bought a new position in Spotify Technology during the fourth quarter valued at $34,000. Avion Wealth purchased a new stake in Spotify Technology in the fourth quarter worth $38,000. Samalin Investment Counsel LLC raised its stake in shares of Spotify Technology by 74.3% in the fourth quarter. Samalin Investment Counsel LLC now owns 122 shares of the company’s stock valued at $38,000 after buying an additional 52 shares during the period. Finally, Bainco International Investors purchased a new position in shares of Spotify Technology during the 4th quarter valued at $48,000. Institutional investors own 55.93% of the company’s stock.
A number of brokerages have issued reports on SPOT. Atlantic Securities cut shares of Spotify Technology from an “overweight” rating to a “neutral” rating in a report on Tuesday, February 23rd. Rosenblatt Securities raised their price target on shares of Spotify Technology from $390.00 to $425.00 and gave the company a “buy” rating in a report on Monday, March 1st. Nordea Equity Research lowered Spotify Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, January 27th. Barclays upped their target price on Spotify Technology from $310.00 to $340.00 in a research note on Thursday, February 4th. Finally, Citigroup upgraded Spotify Technology from a “sell” rating to a “neutral” rating in a research report on Monday. Five equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $295.25.
Spotify Technology (NYSE:SPOT) last announced its earnings results on Wednesday, February 3rd. The company reported ($0.66) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.76) by $0.10. Spotify Technology had a negative net margin of 8.73% and a negative return on equity of 30.46%. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.15 billion. During the same quarter in the previous year, the business posted ($1.14) EPS. The company’s quarterly revenue was up 16.3% on a year-over-year basis. As a group, equities analysts expect that Spotify Technology S.A. will post -3.71 earnings per share for the current fiscal year.
Spotify Technology Profile
Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates in 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.
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