Spotify Technology $SPOT Stock Position Raised by Spire Wealth Management

by · The Cerbat Gem

Spire Wealth Management lifted its holdings in Spotify Technology (NYSE:SPOT – Free Report) 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 – Get Free Report) 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.

View Our Latest Analysis on SPOT

About Spotify Technology

(Free Report)

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.

See Also

Want to see what other hedge funds are holding SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spotify Technology (NYSE:SPOT – Free Report).