WT Wealth Management Acquires Shares of 4,830 Spotify Technology S.A. (NYSE:SPOT)

WT Wealth Management bought a new position in shares of Spotify Technology S.A. (NYSE:SPOT) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 4,830 shares of the company’s stock, valued at approximately $1,830,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SPOT. Signaturefd LLC lifted its stake in shares of Spotify Technology by 11.2% in the third quarter. Signaturefd LLC now owns 1,911 shares of the company’s stock worth $704,000 after buying an additional 193 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Spotify Technology by 17.7% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,221 shares of the company’s stock valued at $450,000 after acquiring an additional 184 shares during the last quarter. Vicus Capital purchased a new stake in shares of Spotify Technology in the third quarter valued at about $203,000. Precision Wealth Strategies LLC increased its position in Spotify Technology by 14.5% during the third quarter. Precision Wealth Strategies LLC now owns 1,431 shares of the company’s stock worth $527,000 after purchasing an additional 181 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised its position in shares of Spotify Technology by 557.7% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 342 shares of the company’s stock valued at $126,000 after buying an additional 290 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

SPOT traded up $4.29 on Tuesday, hitting $386.26. 1,189,524 shares of the company were exchanged, compared to its average volume of 1,858,595. Spotify Technology S.A. has a fifty-two week low of $145.79 and a fifty-two week high of $389.48. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market capitalization of $76.89 billion, a P/E ratio of 155.79 and a beta of 1.58. The business’s fifty day moving average is $353.40 and its 200 day moving average is $323.91.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.25. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. Spotify Technology’s revenue was up 19.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.69) earnings per share. As a group, sell-side analysts anticipate that Spotify Technology S.A. will post 6.22 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SPOT. DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a research report on Wednesday, July 24th. Rosenblatt Securities raised their target price on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, October 17th. UBS Group boosted their price target on shares of Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and upped their target price for the stock from $320.00 to $425.00 in a research note on Wednesday, July 24th. Finally, Morgan Stanley raised their price target on shares of Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $362.21.

About Spotify Technology

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.