Prestige Wealth Management Group LLC Acquires New Stake in Spotify Technology S.A. (NYSE:SPOT)

Prestige Wealth Management Group LLC acquired a new stake in Spotify Technology S.A. (NYSE:SPOT) during the third quarter, HoldingsChannel reports. The fund acquired 71 shares of the company’s stock, valued at approximately $26,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SPOT. First Horizon Advisors Inc. boosted its position in shares of Spotify Technology by 5.8% during the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after purchasing an additional 26 shares in the last quarter. West Bancorporation Inc. boosted its position in shares of Spotify Technology by 3.4% during the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after purchasing an additional 27 shares in the last quarter. Avior Wealth Management LLC boosted its position in shares of Spotify Technology by 12.0% during the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after purchasing an additional 30 shares in the last quarter. Washington Trust Advisors Inc. boosted its position in shares of Spotify Technology by 12.0% during the 3rd quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock worth $110,000 after purchasing an additional 32 shares in the last quarter. Finally, Rakuten Securities Inc. boosted its position in shares of Spotify Technology by 40.5% during the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after purchasing an additional 32 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

SPOT opened at $471.56 on Wednesday. The stock has a market capitalization of $93.86 billion, a price-to-earnings ratio of 128.14 and a beta of 1.61. The business has a 50-day moving average of $418.31 and a two-hundred day moving average of $359.00. Spotify Technology S.A. has a 12 month low of $185.37 and a 12 month high of $506.47.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). The business had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.36 EPS. Equities research analysts anticipate that Spotify Technology S.A. will post 6.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Benchmark boosted their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $340.00 price target on shares of Spotify Technology in a research note on Monday, October 7th. Canaccord Genuity Group lifted their price target on Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Wells Fargo & Company lifted their price target on Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Finally, Macquarie lifted their price target on Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $429.96.

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.