Circle Wealth Management LLC Takes Position in Spotify Technology S.A. (NYSE:SPOT)

Circle Wealth Management LLC purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,864 shares of the company’s stock, valued at approximately $1,281,000.

A number of other institutional investors have also made changes to their positions in the business. Jennison Associates LLC acquired a new stake in Spotify Technology during the fourth quarter worth about $1,335,575,000. FMR LLC raised its position in Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company’s stock worth $913,276,000 after purchasing an additional 473,569 shares during the last quarter. Schroder Investment Management Group lifted its stake in shares of Spotify Technology by 0.4% in the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock worth $855,810,000 after acquiring an additional 7,075 shares during the period. GQG Partners LLC acquired a new stake in shares of Spotify Technology during the fourth quarter worth $800,725,000. Finally, Geode Capital Management LLC raised its position in shares of Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock worth $659,841,000 after acquiring an additional 1,259,183 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of analyst reports. Benchmark upped their target price on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. lifted their price objective on Spotify Technology from $640.00 to $670.00 and gave the stock an “overweight” rating in a report on Wednesday, April 30th. Cantor Fitzgerald dropped their target price on Spotify Technology from $600.00 to $520.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Barclays reduced their price target on shares of Spotify Technology from $710.00 to $650.00 and set an “overweight” rating for the company in a research report on Wednesday, April 30th. Finally, Wells Fargo & Company raised their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the company an “overweight” rating in a research note on Friday, March 28th. Eight investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $604.76.

Spotify Technology Price Performance

Spotify Technology stock opened at $657.35 on Thursday. Spotify Technology S.A. has a 12 month low of $286.21 and a 12 month high of $668.03. The company has a market cap of $134.56 billion, a price-to-earnings ratio of 110.48 and a beta of 1.72. The stock’s 50-day moving average is $572.96 and its 200-day moving average is $520.19.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. Spotify Technology’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.97 EPS. Research analysts anticipate that Spotify Technology S.A. will post 10.3 EPS for the current year.

Spotify Technology 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.