NewEdge Wealth LLC Raises Holdings in Spotify Technology $SPOT

NewEdge Wealth LLC grew its stake in Spotify Technology (NYSE:SPOT) by 259.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 8,162 shares of the company’s stock after buying an additional 5,893 shares during the quarter. NewEdge Wealth LLC’s holdings in Spotify Technology were worth $5,697,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Sivia Capital Partners LLC acquired a new position in Spotify Technology in the 2nd quarter worth about $312,000. Chicago Partners Investment Group LLC grew its holdings in Spotify Technology by 87.1% in the second quarter. Chicago Partners Investment Group LLC now owns 582 shares of the company’s stock valued at $447,000 after purchasing an additional 271 shares during the period. Avidian Wealth Enterprises LLC purchased a new stake in shares of Spotify Technology in the second quarter valued at approximately $248,000. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Spotify Technology by 43.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 2,336 shares of the company’s stock worth $1,792,000 after buying an additional 711 shares during the period. Finally, D.A. Davidson & CO. raised its stake in shares of Spotify Technology by 13.2% during the 2nd quarter. D.A. Davidson & CO. now owns 13,469 shares of the company’s stock worth $10,335,000 after buying an additional 1,566 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $485.13 on Friday. The company has a 50 day simple moving average of $523.96 and a 200-day simple moving average of $616.25. The company has a market capitalization of $99.85 billion, a P/E ratio of 50.33, a P/E/G ratio of 1.06 and a beta of 1.66. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The business had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the business earned $1.88 earnings per share. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. As a group, research analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Weiss Ratings raised shares of Spotify Technology from a “hold (c)” rating to a “buy (b-)” rating in a research note on Wednesday, February 11th. Citigroup raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective on the stock in a report on Friday, January 30th. Guggenheim dropped their target price on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research report on Wednesday, February 11th. Sanford C. Bernstein reduced their price target on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating for the company in a research report on Wednesday, January 14th. Finally, Rosenblatt Securities decreased their price target on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $706.42.

Spotify Technology 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.