LifeWealth Investments LLC Acquires Shares of 472 Spotify Technology (NYSE:SPOT)

LifeWealth Investments LLC bought a new position in shares of Spotify Technology (NYSE:SPOT) in the 1st quarter, HoldingsChannel reports. The institutional investor bought 472 shares of the company’s stock, valued at approximately $260,000.

Several other large investors have also made changes to their positions in the business. PUREfi Wealth LLC purchased a new stake in shares of Spotify Technology during the first quarter worth about $304,000. Kingswood Wealth Advisors LLC boosted its holdings in Spotify Technology by 66.1% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 7,377 shares of the company’s stock worth $4,058,000 after buying an additional 2,935 shares during the last quarter. Clarius Group LLC purchased a new stake in Spotify Technology during the 1st quarter worth approximately $327,000. CENTRAL TRUST Co raised its holdings in shares of Spotify Technology by 100.7% during the first quarter. CENTRAL TRUST Co now owns 301 shares of the company’s stock valued at $166,000 after acquiring an additional 151 shares during the last quarter. Finally, Rakuten Securities Inc. raised its holdings in shares of Spotify Technology by 46.2% during the first quarter. Rakuten Securities Inc. now owns 402 shares of the company’s stock valued at $221,000 after acquiring an additional 127 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Price Performance

NYSE SPOT opened at $710.76 on Thursday. The stock has a market capitalization of $145.50 billion, a P/E ratio of 117.87, a PEG ratio of 1.89 and a beta of 1.68. The firm’s 50-day moving average is $639.86 and its two-hundred day moving average is $571.10. Spotify Technology has a 12 month low of $288.07 and a 12 month high of $728.80.

Spotify Technology (NYSE:SPOT) last released 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 company had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. Spotify Technology’s revenue was up 15.2% on a year-over-year basis. During the same period last year, the firm posted $0.97 earnings per share. As a group, analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. 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. China Renaissance assumed coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They set a “buy” rating and a $740.00 target price on the stock. Wells Fargo & Company upped their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a report on Friday, March 28th. JPMorgan Chase & Co. increased their target price on shares of Spotify Technology from $670.00 to $730.00 and gave the company an “overweight” rating in a research report on Wednesday, June 4th. Finally, Sanford C. Bernstein upgraded shares of Spotify Technology to a “strong-buy” rating in a research report on Tuesday, June 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $630.28.

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.