Pinnacle Wealth Management LLC Purchases 1,245 Shares of Spotify Technology $SPOT

Key Points

• Pinnacle Wealth Management LLC increased its stake in Spotify Technology by 90.9%, acquiring an additional 1,245 shares, bringing its total ownership to 2,614 shares valued at approximately $2,006,000.
• Spotify's stock has a market capitalization of $137.37 billion, with shares currently trading at $671.04, and has seen both a twelve-month low and high of $369.42 and $785.00 respectively.
• Analysts have mixed signals on Spotify's future, with price targets ranging from $700.00 to $900.00, and a consensus rating of "Moderate Buy" based on the latest evaluations.

Pinnacle Wealth Management LLC raised its position in Spotify Technology (NYSE:SPOT - Free Report) by 90.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,614 shares of the company's stock after buying an additional 1,245 shares during the quarter. Spotify Technology comprises about 1.7% of Pinnacle Wealth Management LLC's holdings, making the stock its 28th largest position. Pinnacle Wealth Management LLC's holdings in Spotify Technology were worth $2,006,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Sapient Capital LLC bought a new stake in shares of Spotify Technology in the second quarter valued at $322,000. Swedbank AB raised its stake in shares of Spotify Technology by 1.4% during the 1st quarter. Swedbank AB now owns 959,587 shares of the company's stock valued at $527,802,000 after purchasing an additional 13,458 shares during the period. Legacy Capital Group California Inc. raised its stake in shares of Spotify Technology by 110.9% during the 2nd quarter. Legacy Capital Group California Inc. now owns 3,896 shares of the company's stock valued at $2,990,000 after purchasing an additional 2,049 shares during the period. Harbor Investment Advisory LLC raised its stake in shares of Spotify Technology by 36.0% during the 2nd quarter. Harbor Investment Advisory LLC now owns 2,054 shares of the company's stock valued at $1,576,000 after purchasing an additional 544 shares during the period. Finally, Integrated Wealth Concepts LLC raised its stake in shares of Spotify Technology by 39.8% during the 1st quarter. Integrated Wealth Concepts LLC now owns 2,702 shares of the company's stock valued at $1,486,000 after purchasing an additional 769 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Up 1.0%

Shares of NYSE SPOT opened at $671.04 on Friday. The firm has a market capitalization of $137.37 billion, a P/E ratio of 162.87, a P/E/G ratio of 3.20 and a beta of 1.67. The stock's 50-day simple moving average is $699.44 and its two-hundred day simple moving average is $671.61. Spotify Technology has a twelve month low of $369.42 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). The business had revenue of $4.94 billion during the quarter, compared to the consensus estimate of $4.29 billion. Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%.Spotify Technology's revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.33 earnings per share. Spotify Technology has set its Q3 2025 guidance at EPS. As a group, research analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SPOT. Bank of America boosted their price objective on Spotify Technology from $700.00 to $900.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. BNP Paribas Exane began coverage on Spotify Technology in a research note on Tuesday, September 16th. They set an "outperform" rating and a $900.00 price objective on the stock. Benchmark decreased their price objective on Spotify Technology from $840.00 to $800.00 and set a "buy" rating on the stock in a research note on Wednesday, July 30th. BNP Paribas upgraded Spotify Technology to a "strong-buy" rating in a research note on Tuesday, September 16th. Finally, Barclays decreased their price objective on Spotify Technology from $800.00 to $750.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $731.16.

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.

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