Kingswood Wealth Advisors LLC Has $4.06 Million Stake in Spotify Technology (NYSE:SPOT)

Kingswood Wealth Advisors LLC lifted its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 66.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,377 shares of the company's stock after buying an additional 2,935 shares during the quarter. Kingswood Wealth Advisors LLC's holdings in Spotify Technology were worth $4,058,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of SPOT. Mpwm Advisory Solutions LLC bought a new position in Spotify Technology during the 4th quarter worth approximately $26,000. Hillsdale Investment Management Inc. bought a new position in Spotify Technology during the 4th quarter worth approximately $27,000. Copia Wealth Management bought a new position in Spotify Technology during the 4th quarter worth approximately $29,000. North Star Investment Management Corp. boosted its stake in Spotify Technology by 52.8% during the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after acquiring an additional 19 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its stake in Spotify Technology by 209.1% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company's stock worth $37,000 after acquiring an additional 46 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on SPOT shares. UBS Group reissued an "overweight" rating on shares of Spotify Technology in a research note on Friday, June 6th. Redburn Atlantic began coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price target on the stock. FBN Securities began coverage on shares of Spotify Technology in a research note on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price target on the stock. Guggenheim reaffirmed a "buy" rating on shares of Spotify Technology in a research note on Friday, June 6th. Finally, Wells Fargo & Company lifted their price target on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research note on Friday, March 28th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $626.14.

Spotify Technology Trading Up 0.8%

Shares of SPOT opened at $721.44 on Wednesday. The company has a market cap of $147.69 billion, a price-to-earnings ratio of 119.64, a PEG ratio of 1.75 and a beta of 1.68. Spotify Technology has a 1-year low of $288.07 and a 1-year high of $728.80. The company's fifty day simple moving average is $637.04 and its 200 day simple moving average is $570.13.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. Spotify Technology's quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.97 earnings per share. As a group, research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Spotify Technology 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.

Want to see what other hedge funds are holding SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spotify Technology (NYSE:SPOT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.