Canton Hathaway LLC Raises Position in Spotify Technology S.A. (NYSE:SPOT)

Canton Hathaway LLC raised its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 18.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 2,296 shares of the company’s stock after purchasing an additional 360 shares during the quarter. Canton Hathaway LLC’s holdings in Spotify Technology were worth $846,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Independent Advisor Alliance grew its stake in Spotify Technology by 120.4% during the 3rd quarter. Independent Advisor Alliance now owns 4,187 shares of the company’s stock valued at $1,543,000 after acquiring an additional 2,287 shares in the last quarter. Harvest Fund Management Co. Ltd increased its holdings in shares of Spotify Technology by 23.5% in the third quarter. Harvest Fund Management Co. Ltd now owns 5,129 shares of the company’s stock valued at $1,888,000 after purchasing an additional 977 shares during the last quarter. Bank of Hawaii purchased a new position in Spotify Technology during the third quarter worth approximately $251,000. Summit Trail Advisors LLC boosted its stake in Spotify Technology by 7.5% during the third quarter. Summit Trail Advisors LLC now owns 2,425 shares of the company’s stock worth $894,000 after buying an additional 169 shares during the last quarter. Finally, Larson Financial Group LLC grew its holdings in Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SPOT has been the topic of several analyst reports. Evercore ISI lifted their price target on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. KeyCorp increased their price objective on Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, Piper Sandler lifted their price objective on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Trading Up 1.7 %

Shares of SPOT opened at $482.97 on Monday. The firm has a market capitalization of $96.14 billion, a PE ratio of 129.09 and a beta of 1.56. The stock’s 50 day moving average is $391.61 and its two-hundred day moving average is $344.59. Spotify Technology S.A. has a twelve month low of $179.66 and a twelve month high of $489.69.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter last year, the business earned $0.36 EPS. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, sell-side analysts predict that Spotify Technology S.A. will post 6.02 EPS for the current 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.