Meridian Wealth Management LLC Purchases New Position in Spotify Technology (NYSE:SPOT)

Meridian Wealth Management LLC purchased a new stake in shares of Spotify Technology (NYSE:SPOT - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 435 shares of the company's stock, valued at approximately $239,000.

Other institutional investors also recently bought and sold shares of the company. QRG Capital Management Inc. grew its holdings in Spotify Technology by 36.3% in the first quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock valued at $391,000 after purchasing an additional 189 shares during the period. GAMMA Investing LLC increased its position in shares of Spotify Technology by 38.1% during the first quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock worth $718,000 after purchasing an additional 360 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in Spotify Technology by 16.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock valued at $4,699,000 after purchasing an additional 1,179 shares during the last quarter. Fifth Third Bancorp lifted its holdings in Spotify Technology by 30.7% in the 1st quarter. Fifth Third Bancorp now owns 302 shares of the company's stock valued at $166,000 after purchasing an additional 71 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in Spotify Technology by 238.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,441 shares of the company's stock valued at $13,993,000 after purchasing an additional 17,932 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SPOT. Wells Fargo & Company raised their price target on shares of Spotify Technology from $740.00 to $750.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Benchmark decreased their price target on shares of Spotify Technology from $840.00 to $800.00 and set a "buy" rating on the stock in a research note on Wednesday, July 30th. Cantor Fitzgerald raised their price target on shares of Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. Macquarie raised their price target on shares of Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Spotify Technology from $700.00 to $775.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Ten equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $718.90.

Spotify Technology Stock Performance

NYSE SPOT opened at $697.85 on Friday. The firm has a 50-day simple moving average of $702.88 and a 200 day simple moving average of $635.18. Spotify Technology has a twelve month low of $319.07 and a twelve month high of $785.00. The stock has a market cap of $142.86 billion, a PE ratio of 169.38, a PEG ratio of 3.01 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The business had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter in the prior year, the business earned $1.33 EPS. The firm's revenue for the quarter was up 10.1% on a year-over-year basis. Research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal 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.

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