Concorde Asset Management LLC Invests $812,000 in Spotify Technology S.A. (NYSE:SPOT)

Concorde Asset Management LLC bought a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 3,347 shares of the company’s stock, valued at approximately $812,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. CWM LLC increased its holdings in shares of Spotify Technology by 21.4% during the second quarter. CWM LLC now owns 233 shares of the company’s stock worth $60,000 after purchasing an additional 41 shares during the period. Berman Capital Advisors LLC increased its holdings in shares of Spotify Technology by 65.8% during the second quarter. Berman Capital Advisors LLC now owns 126 shares of the company’s stock worth $32,000 after purchasing an additional 50 shares during the period. Slow Capital Inc. increased its holdings in shares of Spotify Technology by 0.5% during the second quarter. Slow Capital Inc. now owns 10,331 shares of the company’s stock worth $2,667,000 after purchasing an additional 53 shares during the period. Hamilton Wealth LLC increased its holdings in shares of Spotify Technology by 4.0% during the third quarter. Hamilton Wealth LLC now owns 1,415 shares of the company’s stock worth $343,000 after purchasing an additional 55 shares during the period. Finally, Mount Vernon Associates Inc. MD increased its holdings in shares of Spotify Technology by 1.2% during the third quarter. Mount Vernon Associates Inc. MD now owns 6,915 shares of the company’s stock worth $1,677,000 after purchasing an additional 80 shares during the period. 56.79% of the stock is currently owned by institutional investors.

A number of research analysts recently issued reports on the stock. Stifel Nicolaus lifted their price objective on shares of Spotify Technology from $185.00 to $305.00 in a research note on Monday, July 27th. SunTrust Banks lifted their price objective on shares of Spotify Technology from $167.00 to $290.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Credit Suisse Group raised shares of Spotify Technology from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $215.00 to $315.00 in a research note on Wednesday, September 9th. Zacks Investment Research cut shares of Spotify Technology from a “hold” rating to a “sell” rating in a research note on Wednesday, August 5th. Finally, Raymond James assumed coverage on shares of Spotify Technology in a research note on Wednesday, September 9th. They issued a “market perform” rating on the stock. Six investment analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $239.37.

Spotify Technology stock traded up $2.98 during midday trading on Monday, hitting $286.47. 35,527 shares of the stock were exchanged, compared to its average volume of 1,943,860. Spotify Technology S.A. has a 52-week low of $109.18 and a 52-week high of $299.67. The stock has a market capitalization of $50.82 billion, a price-to-earnings ratio of -89.43 and a beta of 1.62. The business’s 50-day moving average price is $246.96 and its 200-day moving average price is $221.38.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Wednesday, July 29th. The company reported ($1.91) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($1.42). The firm had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.93 billion. Spotify Technology had a negative return on equity of 15.49% and a negative net margin of 4.28%. The firm’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.42) earnings per share. As a group, analysts predict that Spotify Technology S.A. will post -3.45 EPS for the current year.

Spotify Technology Company Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming services in the United States, the United Kingdom, Luxembourg, and internationally. It operates through two segments, Premium and Ad-Supported. The company offers unlimited online and offline high-quality streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

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Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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