HB Wealth Management LLC Grows Position in Spotify Technology (NYSE:SPOT)

Key Points

• HB Wealth Management LLC increased its stake in Spotify Technology by 45.6%, now owning 2,505 shares valued at approximately $1.38 million as of its latest SEC filing.
• Several hedge funds, including Jennison Associates LLC and GAMMA Investing LLC, made significant increases in their Spotify holdings, highlighting a growing interest from institutional investors.
• Analysts have positively adjusted their price targets for Spotify Technology, with an average consensus target of $725.33 and a majority rating of "Moderate Buy" from investment analysts.

HB Wealth Management LLC grew its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 45.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,505 shares of the company's stock after acquiring an additional 784 shares during the quarter. HB Wealth Management LLC's holdings in Spotify Technology were worth $1,378,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Mpwm Advisory Solutions LLC bought a new stake in Spotify Technology during the 4th quarter worth $26,000. Tsfg LLC bought a new position in Spotify Technology in the first quarter valued at about $28,000. Copia Wealth Management acquired a new stake in shares of Spotify Technology during the fourth quarter valued at about $29,000. Cornerstone Planning Group LLC boosted its stake in shares of Spotify Technology by 512.5% during the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after purchasing an additional 41 shares in the last quarter. Finally, North Star Investment Management Corp. grew its holdings in shares of Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after purchasing an additional 19 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Up 0.1%

SPOT traded up $0.61 during trading on Friday, hitting $627.15. 2,529,175 shares of the company's stock were exchanged, compared to its average volume of 2,387,677. Spotify Technology has a fifty-two week low of $300.57 and a fifty-two week high of $785.00. The stock has a market cap of $128.38 billion, a P/E ratio of 152.22, a PEG ratio of 2.56 and a beta of 1.70. The business's 50 day moving average is $700.71 and its two-hundred day moving average is $623.58.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the previous year, the firm earned $0.97 earnings per share. The company's revenue was up 15.2% on a year-over-year basis. On average, sell-side analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several recent research reports. UBS Group decreased their price target on shares of Spotify Technology from $895.00 to $850.00 and set a "buy" rating for the company in a research report on Wednesday. Guggenheim increased their price objective on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $730.00 to $780.00 and gave the stock an "overweight" rating in a research note on Friday, July 11th. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price on the stock in a report on Monday, April 21st. Finally, Bank of America upped their price target on shares of Spotify Technology from $700.00 to $900.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Nine equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average price target of $718.90.

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.