HB Wealth Management LLC Has $770,000 Stake in Spotify Technology S.A. (NYSE:SPOT)

HB Wealth Management LLC boosted its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 49.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,721 shares of the company’s stock after acquiring an additional 569 shares during the quarter. HB Wealth Management LLC’s holdings in Spotify Technology were worth $770,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Prestige Wealth Management Group LLC bought a new position in shares of Spotify Technology during the 3rd quarter worth about $26,000. Hobbs Group Advisors LLC bought a new position in Spotify Technology during the third quarter worth about $33,000. Larson Financial Group LLC lifted its stake in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the period. V Square Quantitative Management LLC acquired a new stake in Spotify Technology during the third quarter valued at approximately $40,000. Finally, Rakuten Securities Inc. grew its stake in shares of Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after purchasing an additional 32 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $487.29 on Wednesday. The company has a market capitalization of $97.00 billion, a price-to-earnings ratio of 132.42 and a beta of 1.62. The firm’s 50 day simple moving average is $470.33 and its 200 day simple moving average is $391.64. Spotify Technology S.A. has a fifty-two week low of $204.22 and a fifty-two week high of $506.47.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. Spotify Technology’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 EPS. Equities research analysts expect that Spotify Technology S.A. will post 5.91 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently commented on SPOT shares. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a research note on Monday, October 7th. Canaccord Genuity Group boosted their target price on shares of Spotify Technology from $525.00 to $560.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Morgan Stanley increased their target price on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. KeyCorp boosted their price target on shares of Spotify Technology from $520.00 to $555.00 and gave the company an “overweight” rating in a research report on Friday, January 10th. Finally, Benchmark reiterated a “buy” rating and issued a $520.00 target price on shares of Spotify Technology in a research note on Thursday, January 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $441.21.

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.