Secure Asset Management LLC Purchases 2,275 Shares of Spotify Technology $SPOT

Secure Asset Management LLC grew its stake in shares of Spotify Technology (NYSE:SPOT) by 77.8% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 5,198 shares of the company’s stock after acquiring an additional 2,275 shares during the quarter. Secure Asset Management LLC’s holdings in Spotify Technology were worth $3,642,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Knuff & Co LLC acquired a new stake in Spotify Technology during the second quarter worth about $27,000. Heartwood Wealth Advisors LLC acquired a new stake in Spotify Technology during the 3rd quarter worth approximately $27,000. Total Investment Management Inc. bought a new stake in Spotify Technology during the 2nd quarter worth approximately $29,000. Sound Income Strategies LLC raised its stake in shares of Spotify Technology by 156.3% during the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after acquiring an additional 25 shares during the last quarter. Finally, GFG Capital LLC bought a new position in shares of Spotify Technology during the second quarter valued at $33,000. Institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on SPOT shares. Guggenheim lowered their target price on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. BNP Paribas Exane started coverage on Spotify Technology in a research report on Tuesday, September 16th. They set an “outperform” rating and a $900.00 target price on the stock. Cantor Fitzgerald lifted their target price on Spotify Technology from $640.00 to $675.00 and gave the stock a “neutral” rating in a report on Wednesday, November 5th. BNP Paribas raised Spotify Technology to a “strong-buy” rating in a research note on Tuesday, September 16th. Finally, The Goldman Sachs Group downgraded shares of Spotify Technology from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $765.00 to $770.00 in a research report on Tuesday, September 30th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $760.23.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $582.39 on Friday. The stock has a market capitalization of $119.91 billion, a PE ratio of 91.57, a price-to-earnings-growth ratio of 1.86 and a beta of 1.66. The stock has a 50 day moving average price of $620.98 and a two-hundred day moving average price of $674.28. Spotify Technology has a 52 week low of $443.21 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The firm had revenue of $5.01 billion during the quarter, compared to analysts’ expectations of $4.23 billion. During the same period last year, the company earned $1.45 earnings per share. The business’s revenue was up 7.1% on a year-over-year basis. Research analysts forecast that Spotify Technology will post 10.3 EPS for the current year.

Spotify Technology Company Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.