Carolinas Wealth Consulting LLC Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

Carolinas Wealth Consulting LLC bought a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 287 shares of the company’s stock, valued at approximately $90,000.

Other institutional investors have also recently made changes to their positions in the company. Larson Financial Group LLC grew its stake in Spotify Technology by 86.0% in the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after purchasing an additional 43 shares during the period. Transcendent Capital Group LLC purchased a new stake in shares of Spotify Technology in the 2nd quarter worth about $25,000. Mather Group LLC. increased its stake in shares of Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after acquiring an additional 99 shares in the last quarter. FinTrust Capital Advisors LLC increased its stake in shares of Spotify Technology by 400.0% in the 1st quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares in the last quarter. Finally, Asset Dedication LLC purchased a new position in Spotify Technology during the 2nd quarter valued at about $35,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $343.95 on Thursday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $65.42 billion, a PE ratio of -513.36 and a beta of 1.57. The firm’s 50 day moving average price is $329.05 and its 200-day moving average price is $306.08. Spotify Technology S.A. has a twelve month low of $145.76 and a twelve month high of $359.38.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.25. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. During the same period last year, the firm earned ($1.69) earnings per share. The company’s quarterly revenue was up 19.8% on a year-over-year basis. Equities research analysts expect that Spotify Technology S.A. will post 6.31 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have weighed in on SPOT. Jefferies Financial Group reaffirmed a “buy” rating and set a $385.00 target price (up previously from $242.00) on shares of Spotify Technology in a research note on Thursday, July 11th. Bank of America raised their price objective on Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a research report on Tuesday, July 2nd. Macquarie lifted their price objective on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Barclays increased their target price on Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Finally, The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $320.00 to $425.00 in a research report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $357.41.

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.