EP Wealth Advisors LLC Invests $215,000 in Spotify Technology S.A. (NYSE:SPOT)

EP Wealth Advisors LLC acquired a new stake in Spotify Technology S.A. (NYSE:SPOT) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 685 shares of the company’s stock, valued at approximately $215,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Spotify Technology by 30.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock valued at $21,024,000 after acquiring an additional 18,731 shares during the period. TD Asset Management Inc increased its position in Spotify Technology by 2.4% in the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock worth $135,339,000 after buying an additional 12,192 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Spotify Technology by 327.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock worth $73,520,000 after buying an additional 299,700 shares during the last quarter. Bridgewater Associates LP boosted its position in shares of Spotify Technology by 71.8% in the fourth quarter. Bridgewater Associates LP now owns 171,068 shares of the company’s stock valued at $32,145,000 after acquiring an additional 71,518 shares during the period. Finally, Envestnet Portfolio Solutions Inc. grew its stake in shares of Spotify Technology by 121.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 7,399 shares of the company’s stock worth $2,322,000 after acquiring an additional 4,060 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on SPOT shares. Bank of America raised their price objective on Spotify Technology from $370.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a report on Monday, September 30th. Macquarie boosted their target price on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Guggenheim boosted their price objective on Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, Evercore ISI raised their target price on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $359.14.

Spotify Technology Stock Performance

Shares of SPOT opened at $371.56 on Friday. The firm has a market cap of $73.96 billion, a P/E ratio of -554.56 and a beta of 1.57. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. Spotify Technology S.A. has a twelve month low of $145.76 and a twelve month high of $389.23. The firm’s 50 day moving average price is $344.49 and its two-hundred day moving average price is $315.05.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.08 by $0.25. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The business’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.69) EPS. On average, analysts forecast that Spotify Technology S.A. will post 6.26 EPS for the current fiscal year.

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.