Whalen Wealth Management Inc. Takes $498,000 Position in Spotify Technology (NYSE:SPOT)

Whalen Wealth Management Inc. acquired a new stake in shares of Spotify Technology (NYSE:SPOT) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 905 shares of the company’s stock, valued at approximately $498,000.

Several other institutional investors have also recently made changes to their positions in SPOT. Allworth Financial LP raised its position in Spotify Technology by 134.0% in the 4th quarter. Allworth Financial LP now owns 372 shares of the company’s stock worth $184,000 after purchasing an additional 213 shares during the period. Atria Wealth Solutions Inc. increased its holdings in shares of Spotify Technology by 14.8% during the fourth quarter. Atria Wealth Solutions Inc. now owns 3,253 shares of the company’s stock valued at $1,456,000 after acquiring an additional 420 shares in the last quarter. Callan Capital LLC purchased a new position in Spotify Technology in the 4th quarter worth approximately $245,000. First Horizon Advisors Inc. increased its holdings in Spotify Technology by 5.4% in the 4th quarter. First Horizon Advisors Inc. now owns 504 shares of the company’s stock worth $225,000 after buying an additional 26 shares in the last quarter. Finally, Wealthspire Advisors LLC purchased a new stake in Spotify Technology during the fourth quarter valued at $387,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of research analyst reports. Macquarie raised their price target on Spotify Technology from $600.00 to $665.00 and gave the stock an “outperform” rating in a research note on Friday, April 25th. Sanford C. Bernstein upgraded shares of Spotify Technology to a “strong-buy” rating in a research note on Tuesday, June 3rd. Canaccord Genuity Group reiterated a “buy” rating on shares of Spotify Technology in a research report on Friday, June 6th. Robert W. Baird increased their target price on Spotify Technology from $700.00 to $730.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Finally, Barclays decreased their price objective on Spotify Technology from $710.00 to $650.00 and set an “overweight” rating for the company in a report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $630.28.

Spotify Technology Trading Down 0.4%

SPOT stock opened at $707.64 on Monday. Spotify Technology has a 12-month low of $288.07 and a 12-month high of $728.80. The company has a market cap of $144.86 billion, a PE ratio of 117.35, a price-to-earnings-growth ratio of 1.85 and a beta of 1.68. The stock has a 50-day moving average price of $646.29 and a two-hundred day moving average price of $575.23.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.22 billion. During the same quarter in the prior year, the firm earned $0.97 earnings per share. Spotify Technology’s revenue for the quarter was up 15.2% compared to the same quarter last year. Equities analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

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.