Assetmark Inc. Acquires 405 Shares of Spotify Technology (NYSE:SPOT)

Assetmark Inc. lifted its holdings in shares of Spotify Technology (NYSE:SPOT) by 1.3% in the 1st quarter, HoldingsChannel reports. The fund owned 31,391 shares of the company’s stock after purchasing an additional 405 shares during the period. Assetmark Inc.’s holdings in Spotify Technology were worth $17,266,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in SPOT. Nicholas Wealth LLC. bought a new stake in shares of Spotify Technology in the 1st quarter worth $1,041,000. Cetera Investment Advisers lifted its position in shares of Spotify Technology by 14.2% during the first quarter. Cetera Investment Advisers now owns 23,513 shares of the company’s stock valued at $12,933,000 after purchasing an additional 2,917 shares in the last quarter. Avantax Advisory Services Inc. boosted its holdings in Spotify Technology by 9.4% during the first quarter. Avantax Advisory Services Inc. now owns 8,769 shares of the company’s stock worth $4,823,000 after purchasing an additional 756 shares during the last quarter. Gilbert & Cook Inc. bought a new stake in Spotify Technology in the 1st quarter worth about $302,000. Finally, Brookwood Investment Group LLC purchased a new stake in Spotify Technology in the 1st quarter valued at about $397,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Performance

SPOT stock opened at $692.85 on Friday. Spotify Technology has a one year low of $300.57 and a one year high of $785.00. The firm has a market cap of $141.83 billion, a price-to-earnings ratio of 114.90, a PEG ratio of 1.84 and a beta of 1.68. The firm has a 50-day simple moving average of $701.36 and a two-hundred day simple moving average of $618.42.

Spotify Technology (NYSE:SPOT) last announced its earnings results 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 net margin of 7.19% and a return on equity of 22.53%. The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same period in the prior year, the company earned $0.97 earnings per share. The company’s quarterly revenue was up 15.2% on a year-over-year basis. As a group, equities analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Morgan Stanley upped their target price on Spotify Technology from $700.00 to $850.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. Guggenheim upped their price objective on Spotify Technology from $725.00 to $840.00 and gave the company a “buy” rating in a research note on Wednesday, June 25th. Rosenblatt Securities decreased their target price on Spotify Technology from $658.00 to $657.00 and set a “neutral” rating for the company in a research report on Wednesday, April 30th. Barclays boosted their price target on shares of Spotify Technology from $650.00 to $800.00 and gave the stock an “overweight” rating in a report on Wednesday, July 9th. Finally, Wolfe Research upgraded shares of Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 price objective for the company in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $727.52.

Spotify Technology Company 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.