Parkworth Wealth Management Inc. Increases Stock Position in Spotify Technology (NYSE:SPOT)

Parkworth Wealth Management Inc. raised its stake in shares of Spotify Technology (NYSE:SPOT) by 30,000.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 301 shares of the company’s stock after purchasing an additional 300 shares during the period. Parkworth Wealth Management Inc.’s holdings in Spotify Technology were worth $166,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GQG Partners LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $800,725,000. Jennison Associates LLC raised its position in shares of Spotify Technology by 42.3% in the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company’s stock valued at $2,336,494,000 after buying an additional 1,262,614 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock valued at $659,841,000 after buying an additional 1,259,183 shares during the last quarter. Norges Bank acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $396,028,000. Finally, Janus Henderson Group PLC raised its position in shares of Spotify Technology by 325.9% in the fourth quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company’s stock valued at $503,316,000 after buying an additional 861,232 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SPOT. Bank of America increased their target price on shares of Spotify Technology from $700.00 to $900.00 and gave the stock a “buy” rating in a research note on Thursday, June 26th. Cantor Fitzgerald raised their price objective on shares of Spotify Technology from $610.00 to $640.00 and gave the company a “neutral” rating in a research note on Wednesday, June 18th. Phillip Securities raised shares of Spotify Technology to a “moderate sell” rating in a research note on Monday, May 5th. Canaccord Genuity Group raised their price objective on shares of Spotify Technology from $775.00 to $850.00 and gave the company a “buy” rating in a research note on Wednesday, July 2nd. Finally, Guggenheim lifted their price target on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a “buy” rating in a research note on Wednesday, June 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $701.31.

Spotify Technology Stock Performance

Shares of SPOT opened at $694.90 on Friday. The stock has a market capitalization of $142.25 billion, a P/E ratio of 115.24, a P/E/G ratio of 1.85 and a beta of 1.68. The company’s fifty day moving average is $696.06 and its two-hundred day moving average is $610.84. Spotify Technology has a 1 year low of $290.13 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). The company had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. Spotify Technology’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.97 earnings per share. Sell-side analysts predict that Spotify Technology 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.