1,080 Shares in Spotify Technology S.A. (NYSE:SPOT) Acquired by Phoenix Wealth Advisors

Phoenix Wealth Advisors bought a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,080 shares of the company’s stock, valued at approximately $204,000.

A number of other institutional investors and hedge funds have also bought and sold shares of SPOT. Cetera Advisor Networks LLC raised its position in Spotify Technology by 142.4% during the 1st quarter. Cetera Advisor Networks LLC now owns 3,071 shares of the company’s stock valued at $464,000 after purchasing an additional 1,804 shares in the last quarter. Private Advisor Group LLC increased its position in Spotify Technology by 19.8% during the 1st quarter. Private Advisor Group LLC now owns 4,909 shares of the company’s stock valued at $741,000 after buying an additional 811 shares in the last quarter. BlackRock Inc. increased its position in Spotify Technology by 6.3% during the 1st quarter. BlackRock Inc. now owns 4,046,153 shares of the company’s stock valued at $611,049,000 after buying an additional 241,026 shares in the last quarter. Cibc World Market Inc. increased its position in Spotify Technology by 22.4% during the 1st quarter. Cibc World Market Inc. now owns 4,823 shares of the company’s stock valued at $728,000 after buying an additional 883 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Spotify Technology by 68.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 190,255 shares of the company’s stock valued at $28,735,000 after buying an additional 77,379 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Performance

Shares of NYSE SPOT traded up $7.56 during trading on Wednesday, reaching $298.08. The stock had a trading volume of 1,585,650 shares, compared to its average volume of 1,735,027. Spotify Technology S.A. has a fifty-two week low of $128.67 and a fifty-two week high of $313.16. The business’s 50-day moving average price is $264.19 and its 200-day moving average price is $212.25. The company has a market cap of $59.12 billion, a P/E ratio of -100.70 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The company’s revenue was up 16.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.43) earnings per share. Analysts forecast that Spotify Technology S.A. will post 3.51 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Rosenblatt Securities upped their target price on Spotify Technology from $300.00 to $315.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Wells Fargo & Company increased their price objective on Spotify Technology from $250.00 to $280.00 and gave the company an “overweight” rating in a report on Wednesday, January 31st. The Goldman Sachs Group increased their price objective on Spotify Technology from $171.00 to $195.00 and gave the company a “neutral” rating in a report on Tuesday, January 9th. HSBC began coverage on Spotify Technology in a report on Wednesday, March 27th. They set a “buy” rating and a $310.00 target price on the stock. Finally, DZ Bank raised Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 target price on the stock in a report on Wednesday, February 7th. Six research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $254.16.

Spotify Technology 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.