Phoenix Wealth Advisors Purchases Shares of 1,080 Spotify Technology S.A. (NYSE:SPOT)

Phoenix Wealth Advisors purchased a new stake in Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, Holdings Channel reports. The firm purchased 1,080 shares of the company’s stock, valued at approximately $204,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SPOT. Cetera Advisor Networks LLC grew its holdings in Spotify Technology by 142.4% in the 1st quarter. Cetera Advisor Networks LLC now owns 3,071 shares of the company’s stock valued at $464,000 after buying an additional 1,804 shares during the period. Private Advisor Group LLC lifted its stake in shares of Spotify Technology by 19.8% in the 1st quarter. Private Advisor Group LLC now owns 4,909 shares of the company’s stock valued at $741,000 after purchasing an additional 811 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Spotify Technology by 6.3% in the 1st quarter. BlackRock Inc. now owns 4,046,153 shares of the company’s stock valued at $611,049,000 after purchasing an additional 241,026 shares in the last quarter. Cibc World Market Inc. lifted its stake in shares of Spotify Technology by 22.4% in the 1st quarter. Cibc World Market Inc. now owns 4,823 shares of the company’s stock valued at $728,000 after purchasing an additional 883 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Spotify Technology by 68.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 190,255 shares of the company’s stock valued at $28,735,000 after purchasing an additional 77,379 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on SPOT shares. Macquarie reissued an “outperform” rating and set a $300.00 price target (up from $232.00) on shares of Spotify Technology in a research report on Wednesday, February 7th. KeyCorp boosted their price target on Spotify Technology from $300.00 to $350.00 and gave the stock an “overweight” rating in a research report on Friday, April 12th. JPMorgan Chase & Co. boosted their price target on Spotify Technology from $280.00 to $320.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Pivotal Research boosted their price target on Spotify Technology from $330.00 to $390.00 and gave the company a “buy” rating in a report on Friday, April 5th. Finally, HSBC started coverage on Spotify Technology in a report on Wednesday, March 27th. They issued a “buy” rating and a $310.00 price target for the company. Six equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $254.16.

Spotify Technology Price Performance

Shares of Spotify Technology stock traded up $7.56 during trading on Wednesday, hitting $298.08. The stock had a trading volume of 1,585,650 shares, compared to its average volume of 1,735,027. The firm has a market cap of $59.12 billion, a P/E ratio of -100.70 and a beta of 1.63. The business has a fifty day moving average of $264.19 and a two-hundred day moving average of $212.25. Spotify Technology S.A. has a fifty-two week low of $128.67 and a fifty-two week high of $313.16.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.01. The business had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.72 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The company’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.43) earnings per share. As a group, research analysts forecast that Spotify Technology S.A. will post 3.51 earnings per share for the current year.

Spotify Technology Company Profile

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.