Focus Partners Wealth Acquires 5,706 Shares of Spotify Technology S.A. (NYSE:SPOT)

Focus Partners Wealth increased its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 310.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,543 shares of the company’s stock after acquiring an additional 5,706 shares during the quarter. Focus Partners Wealth’s holdings in Spotify Technology were worth $3,375,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in SPOT. Hillsdale Investment Management Inc. acquired a new stake in Spotify Technology in the 4th quarter valued at $27,000. Quent Capital LLC raised its position in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after acquiring an additional 57 shares during the period. Noble Wealth Management PBC purchased a new position in Spotify Technology in the fourth quarter valued at approximately $52,000. Colonial Trust Co SC lifted its position in shares of Spotify Technology by 1,009.1% during the 4th quarter. Colonial Trust Co SC now owns 122 shares of the company’s stock valued at $55,000 after buying an additional 111 shares during the last quarter. Finally, Strategic Financial Concepts LLC bought a new position in Spotify Technology during the fourth quarter worth about $56,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 1.1%

Shares of SPOT opened at $640.43 on Friday. The firm has a market capitalization of $131.10 billion, a P/E ratio of 107.64 and a beta of 1.72. Spotify Technology S.A. has a 12-month low of $288.07 and a 12-month high of $663.55. The firm has a fifty day moving average price of $582.66 and a 200-day moving average price of $530.69.

Spotify Technology (NYSE:SPOT) last posted its quarterly 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 firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. Spotify Technology’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.97 EPS. Analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on SPOT shares. Canaccord Genuity Group raised their price target on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. lifted their price target on Spotify Technology from $640.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 30th. KeyCorp reduced their target price on shares of Spotify Technology from $675.00 to $625.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. Loop Capital lifted their price target on Spotify Technology from $435.00 to $550.00 and gave the stock a “hold” rating in a research note on Friday, May 2nd. Finally, Morgan Stanley upped their price objective on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $606.48.

About Spotify Technology

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.