1,366 Shares in Spotify Technology $SPOT Purchased by Signature Wealth Management Group

Signature Wealth Management Group bought a new position in shares of Spotify Technology (NYSE:SPOT) during the 3rd quarter, Holdings Channel reports. The firm bought 1,366 shares of the company’s stock, valued at approximately $953,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Knuff & Co LLC purchased a new stake in shares of Spotify Technology during the 2nd quarter worth approximately $27,000. Total Investment Management Inc. acquired a new position in Spotify Technology during the second quarter worth $29,000. Heartwood Wealth Advisors LLC purchased a new stake in Spotify Technology during the third quarter worth $27,000. Sound Income Strategies LLC raised its stake in shares of Spotify Technology by 156.3% during the 2nd quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock worth $31,000 after buying an additional 25 shares during the last quarter. Finally, GFG Capital LLC purchased a new stake in shares of Spotify Technology in the 2nd quarter worth about $33,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on SPOT shares. Phillip Securities upgraded shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a report on Monday, November 10th. Citizens Jmp started coverage on shares of Spotify Technology in a research note on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price objective for the company. Wells Fargo & Company cut their price objective on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Argus assumed coverage on Spotify Technology in a report on Monday, September 29th. They set a “buy” rating and a $845.00 target price on the stock. Finally, JPMorgan Chase & Co. raised their price target on Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $743.90.

Spotify Technology Stock Down 0.6%

Shares of Spotify Technology stock opened at $505.04 on Monday. The business’s fifty day moving average is $582.72 and its two-hundred day moving average is $651.41. Spotify Technology has a fifty-two week low of $475.01 and a fifty-two week high of $785.00. The firm has a market cap of $103.98 billion, a PE ratio of 79.41, a P/E/G ratio of 0.96 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $1.96. The company had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.45 EPS. Equities research analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

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.