Spotify Technology $SPOT Stock Position Raised by Spire Wealth Management

Spire Wealth Management lifted its holdings in Spotify Technology (NYSE:SPOT) by 2,135.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,104 shares of the company’s stock after buying an additional 5,831 shares during the period. Spire Wealth Management’s holdings in Spotify Technology were worth $4,576,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SPOT. Sapient Capital LLC acquired a new position in Spotify Technology in the 2nd quarter worth about $322,000. Swedbank AB raised its position in shares of Spotify Technology by 1.4% in the first quarter. Swedbank AB now owns 959,587 shares of the company’s stock valued at $527,802,000 after purchasing an additional 13,458 shares during the period. Legacy Capital Group California Inc. raised its holdings in Spotify Technology by 110.9% in the 2nd quarter. Legacy Capital Group California Inc. now owns 3,896 shares of the company’s stock worth $2,990,000 after acquiring an additional 2,049 shares during the period. Harbor Investment Advisory LLC lifted its position in shares of Spotify Technology by 36.0% during the 2nd quarter. Harbor Investment Advisory LLC now owns 2,054 shares of the company’s stock worth $1,576,000 after purchasing an additional 544 shares during the last quarter. Finally, Annex Advisory Services LLC boosted its position in shares of Spotify Technology by 56.9% in the second quarter. Annex Advisory Services LLC now owns 53,984 shares of the company’s stock valued at $41,424,000 after acquiring an additional 19,577 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 2.1%

Shares of SPOT stock opened at $666.97 on Thursday. The firm has a fifty day moving average of $693.07 and a 200-day moving average of $679.75. Spotify Technology has a 12-month low of $376.04 and a 12-month high of $785.00. The company has a market capitalization of $136.54 billion, a price-to-earnings ratio of 161.89, a P/E/G ratio of 3.11 and a beta of 1.67.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $2.00 by ($2.42). The firm had revenue of $4.94 billion for the quarter, compared to analyst estimates of $4.29 billion. Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%.The firm’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.33 earnings per share. On average, equities analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SPOT. Deutsche Bank Aktiengesellschaft lifted their target price on Spotify Technology from $700.00 to $775.00 and gave the stock a “buy” rating in a research report on Wednesday, July 23rd. Wells Fargo & Company boosted their price target on shares of Spotify Technology from $740.00 to $750.00 and gave the company an “overweight” rating in a research report on Tuesday, July 29th. Weiss Ratings restated a “hold (c-)” rating on shares of Spotify Technology in a report on Wednesday, October 8th. UBS Group decreased their price target on shares of Spotify Technology from $895.00 to $850.00 and set a “buy” rating on the stock in a research note on Wednesday, July 30th. Finally, DZ Bank raised Spotify Technology from a “sell” rating to a “hold” rating and set a $652.00 price objective for the company in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $731.81.

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.