Prostatis Group LLC Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

Prostatis Group LLC bought a new stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 475 shares of the company's stock, valued at approximately $213,000.

A number of other institutional investors also recently bought and sold shares of the company. Fifth Third Bancorp grew its holdings in Spotify Technology by 44.4% during the 4th quarter. Fifth Third Bancorp now owns 231 shares of the company's stock valued at $103,000 after buying an additional 71 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in Spotify Technology by 17.2% during the 4th quarter. Geneos Wealth Management Inc. now owns 396 shares of the company's stock valued at $177,000 after buying an additional 58 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in Spotify Technology during the 4th quarter valued at approximately $404,000. Blue Trust Inc. grew its holdings in Spotify Technology by 39.6% during the 4th quarter. Blue Trust Inc. now owns 2,034 shares of the company's stock valued at $910,000 after buying an additional 577 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC purchased a new position in Spotify Technology during the 4th quarter valued at approximately $214,000. Institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Performance

SPOT stock traded up $30.47 on Friday, hitting $667.14. 3,165,658 shares of the company's stock were exchanged, compared to its average volume of 2,224,570. Spotify Technology S.A. has a 12-month low of $288.07 and a 12-month high of $671.24. The firm has a 50 day moving average price of $599.93 and a two-hundred day moving average price of $550.38. The stock has a market cap of $136.57 billion, a P/E ratio of 112.12 and a beta of 1.72.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The business had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter last year, the firm earned $0.97 earnings per share. The firm's quarterly revenue was up 15.2% compared to the same quarter last year. Sell-side analysts expect that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Wells Fargo & Company raised their price target on Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a report on Friday, March 28th. FBN Securities began coverage on Spotify Technology in a research note on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price objective for the company. Cantor Fitzgerald decreased their price target on Spotify Technology from $600.00 to $520.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Evercore ISI decreased their price target on Spotify Technology from $700.00 to $650.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Finally, UBS Group decreased their target price on Spotify Technology from $690.00 to $680.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Eight investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $609.07.

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.