Stratos Wealth Partners LTD. Raises Stake in Spotify Technology S.A. (NYSE:SPOT)

Stratos Wealth Partners LTD. lifted its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 39.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,248 shares of the company’s stock after purchasing an additional 356 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in Spotify Technology were worth $558,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in SPOT. First Horizon Advisors Inc. boosted its position in Spotify Technology by 5.8% during the third 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% in the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after buying an additional 27 shares in the last quarter. Avior Wealth Management LLC grew its stake in Spotify Technology by 12.0% in the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after acquiring an additional 30 shares during the last quarter. Park National Corp OH increased its holdings in Spotify Technology by 4.1% during the 4th quarter. Park National Corp OH now owns 793 shares of the company’s stock valued at $355,000 after acquiring an additional 31 shares in the last quarter. Finally, Washington Trust Advisors Inc. increased its holdings in Spotify Technology by 12.0% during the 3rd quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after acquiring an additional 32 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 2.3 %

SPOT opened at $623.06 on Wednesday. The company has a 50 day moving average of $497.11 and a two-hundred day moving average of $417.98. Spotify Technology S.A. has a 52-week low of $228.07 and a 52-week high of $642.27. The company has a market cap of $124.02 billion, a P/E ratio of 104.72 and a beta of 1.63.

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SPOT. Bank of America increased their price target on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. KeyCorp raised their price target on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Rosenblatt Securities restated a “neutral” rating and issued a $658.00 price objective (up from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Macquarie increased their price objective on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, Morgan Stanley boosted their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $514.79.

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.