12,593 Shares in Spotify Technology S.A. (NYSE:SPOT) Purchased by Strategic Financial Concepts LLC

Strategic Financial Concepts LLC acquired a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 12,593 shares of the company’s stock, valued at approximately $56,000.

Several other large investors also recently modified their holdings of the stock. Geneva Partners LLC boosted its stake in Spotify Technology by 132.6% in the 4th quarter. Geneva Partners LLC now owns 10,718 shares of the company’s stock valued at $4,795,000 after buying an additional 6,111 shares in the last quarter. Financial Advocates Investment Management boosted its stake in shares of Spotify Technology by 6.0% in the 4th quarter. Financial Advocates Investment Management now owns 1,183 shares of the company’s stock valued at $529,000 after purchasing an additional 67 shares in the last quarter. Bleakley Financial Group LLC grew its holdings in shares of Spotify Technology by 9.8% in the 4th quarter. Bleakley Financial Group LLC now owns 2,322 shares of the company’s stock worth $1,039,000 after purchasing an additional 207 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Spotify Technology by 44,073.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 67,585 shares of the company’s stock worth $30,534,000 after purchasing an additional 67,432 shares in the last quarter. Finally, WT Asset Management Ltd bought a new position in Spotify Technology during the 4th quarter valued at about $14,987,000. 84.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Phillip Securities reaffirmed an “accumulate” rating and set a $485.00 price objective (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Wells Fargo & Company increased their price target on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Benchmark lifted their price objective on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Canaccord Genuity Group boosted their price objective on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Finally, Morgan Stanley lifted their price target on Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $514.79.

Spotify Technology Price Performance

SPOT stock opened at $640.93 on Thursday. The stock has a market capitalization of $127.58 billion, a P/E ratio of 107.72 and a beta of 1.63. Spotify Technology S.A. has a fifty-two week low of $228.07 and a fifty-two week high of $648.27. The business has a 50-day moving average of $499.71 and a 200-day moving average of $420.10.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same period last year, the company earned $0.36 EPS. The company’s revenue was up 18.8% compared to the same quarter last year. Equities analysts expect that Spotify Technology S.A. will post 9.69 EPS for the current year.

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.