Spotify Technology $SPOT Shares Newly Purchased by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC acquired a new position in Spotify Technology (NYSE:SPOT) during the 3rd quarter, HoldingsChannel reports. The fund acquired 1,514 shares of the company’s stock, valued at approximately $738,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Integrity Alliance LLC. purchased a new stake in shares of Spotify Technology during the 3rd quarter worth approximately $391,000. Torray Investment Partners LLC purchased a new position in Spotify Technology in the third quarter valued at approximately $5,209,000. Gerber Kawasaki Wealth & Investment Management lifted its stake in Spotify Technology by 25.8% in the third quarter. Gerber Kawasaki Wealth & Investment Management now owns 1,208 shares of the company’s stock valued at $589,000 after purchasing an additional 248 shares during the last quarter. Signature Equity Partners LLC grew its holdings in Spotify Technology by 20.7% during the third quarter. Signature Equity Partners LLC now owns 222 shares of the company’s stock valued at $108,000 after purchasing an additional 38 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich grew its holdings in Spotify Technology by 15.6% during the third quarter. Bank Julius Baer & Co. Ltd Zurich now owns 16,967 shares of the company’s stock valued at $8,279,000 after purchasing an additional 2,292 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading Up 4.6%

SPOT opened at $627.47 on Thursday. The company has a 50 day moving average of $534.62 and a 200 day moving average of $499.47. The company has a market cap of $129.19 billion, a PE ratio of 41.60, a price-to-earnings-growth ratio of 1.86 and a beta of 1.49. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $668.49.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Thursday, October 22nd. The company reported $2.81 earnings per share for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.37). Spotify Technology had a net margin of 15.74% and a return on equity of 35.64%. The business had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.64 billion. During the same quarter in the prior year, the firm posted $3.28 earnings per share. The firm’s quarterly revenue was up 16.3% on a year-over-year basis. Research analysts forecast that Spotify Technology will post 13.66 earnings per share for the current fiscal year.

Insider Activity at Spotify Technology

In other news, CEO Gustav Söderström sold 20,913 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $544.19, for a total value of $11,380,645.47. Following the completion of the transaction, the chief executive officer directly owned 20,025 shares of the company’s stock, valued at $10,897,404.75. This trade represents a 51.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. JPMorgan Chase & Co. raised their target price on Spotify Technology from $650.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, October 23rd. TD Cowen restated a “hold” rating and issued a $525.00 target price on shares of Spotify Technology in a research note on Friday, October 23rd. Weiss Ratings raised Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, August 26th. Zacks Research downgraded Spotify Technology from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 22nd. Finally, UBS Group cut their price target on Spotify Technology from $690.00 to $675.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Twenty-three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $620.07.

About Spotify Technology

Spotify Technology SA is an audio streaming company that operates the Spotify platform, offering users access to music, podcasts and audiobooks through internet-connected devices. Its catalog includes licensed recordings from music labels and artists, as well as podcasts and other audio content from creators and publishers.

Spotify provides both an ad-supported service and subscription-based Premium plans. Premium subscribers generally receive ad-free listening and additional features, while the advertising-supported service allows users to access content without a paid subscription.