Left Brain Wealth Management LLC Purchases 2,260 Shares of Spotify Technology $SPOT

Left Brain Wealth Management LLC boosted its position in Spotify Technology (NYSE:SPOT) by 87.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,855 shares of the company’s stock after purchasing an additional 2,260 shares during the quarter. Spotify Technology comprises 1.1% of Left Brain Wealth Management LLC’s investment portfolio, making the stock its 29th biggest position. Left Brain Wealth Management LLC’s holdings in Spotify Technology were worth $3,389,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Knuff & Co LLC purchased a new stake in shares of Spotify Technology in the second quarter worth $27,000. Heartwood Wealth Advisors LLC bought a new position in Spotify Technology in the 3rd quarter worth about $27,000. Greykasell Wealth Strategies Inc. increased its stake in Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after acquiring an additional 38 shares during the last quarter. Total Investment Management Inc. purchased a new stake in shares of Spotify Technology in the 2nd quarter valued at about $29,000. Finally, Westfuller Advisors LLC bought a new stake in shares of Spotify Technology during the 3rd quarter valued at about $29,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

Shares of SPOT stock opened at $553.87 on Friday. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The company’s fifty day moving average price is $508.31 and its 200-day moving average price is $603.35. The company has a market capitalization of $114.00 billion, a price-to-earnings ratio of 57.46, a PEG ratio of 1.17 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. The business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.Spotify Technology’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.88 EPS. Equities research analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SPOT. Wells Fargo & Company decreased their price objective on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 13th. Citizens Jmp started coverage on shares of Spotify Technology in a research note on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 price target for the company. Arete Research raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target on the stock in a report on Thursday, February 26th. Benchmark lowered their price target on Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research report on Friday, January 16th. Finally, The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and cut their target price for the company from $735.00 to $700.00 in a research report on Friday, January 23rd. Two analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $698.91.

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.