Spotify Technology S.A. (NYSE:SPOT) Stake Boosted by Worldquant Millennium Advisors LLC

Worldquant Millennium Advisors LLC raised its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 36.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 19,905 shares of the company's stock after purchasing an additional 5,309 shares during the quarter. Worldquant Millennium Advisors LLC's holdings in Spotify Technology were worth $7,336,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Cetera Investment Advisers increased its stake in shares of Spotify Technology by 95.2% during the first quarter. Cetera Investment Advisers now owns 13,332 shares of the company's stock worth $3,518,000 after acquiring an additional 6,502 shares during the period. Cetera Advisors LLC raised its stake in shares of Spotify Technology by 19.8% during the 1st quarter. Cetera Advisors LLC now owns 3,185 shares of the company's stock worth $840,000 after buying an additional 526 shares in the last quarter. Mather Group LLC. lifted its holdings in shares of Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company's stock valued at $31,000 after buying an additional 99 shares during the period. Simplicity Wealth LLC boosted its stake in shares of Spotify Technology by 7.4% in the second quarter. Simplicity Wealth LLC now owns 1,854 shares of the company's stock valued at $582,000 after buying an additional 127 shares in the last quarter. Finally, U.S. Capital Wealth Advisors LLC purchased a new stake in shares of Spotify Technology in the second quarter valued at approximately $221,000. Institutional investors and hedge funds own 84.09% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on SPOT shares. Evercore ISI upped their target price on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an "outperform" rating in a research report on Thursday, August 29th. Piper Sandler upped their price target on Spotify Technology from $330.00 to $450.00 and gave the stock a "neutral" rating in a report on Wednesday, November 13th. Rosenblatt Securities lifted their price objective on Spotify Technology from $399.00 to $438.00 and gave the stock a "buy" rating in a report on Thursday, October 17th. Benchmark boosted their target price on Spotify Technology from $430.00 to $440.00 and gave the stock a "buy" rating in a research report on Monday, November 11th. Finally, Phillip Securities restated an "accumulate" rating and issued a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $422.90.

Spotify Technology Stock Performance

Shares of NYSE:SPOT traded up $5.12 during mid-day trading on Friday, hitting $498.63. 1,841,230 shares of the company traded hands, compared to its average volume of 4,370,573. The firm's 50 day simple moving average is $416.02 and its 200 day simple moving average is $357.30. The firm has a market cap of $99.25 billion, a P/E ratio of 135.50 and a beta of 1.61. Spotify Technology S.A. has a 52-week low of $185.37 and a 52-week high of $506.47.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts' consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. Spotify Technology's revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 earnings per share. Equities research analysts expect that Spotify Technology S.A. will post 6.02 EPS for the current fiscal year.

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.