Ritholtz Wealth Management Has $3.73 Million Holdings in Spotify Technology (NYSE:SPOT)

Ritholtz Wealth Management boosted its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 18.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,788 shares of the company's stock after acquiring an additional 1,052 shares during the quarter. Ritholtz Wealth Management's holdings in Spotify Technology were worth $3,734,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Mpwm Advisory Solutions LLC bought a new position in shares of Spotify Technology in the fourth quarter valued at approximately $26,000. Hillsdale Investment Management Inc. bought a new position in shares of Spotify Technology in the fourth quarter valued at approximately $27,000. Copia Wealth Management bought a new position in Spotify Technology during the fourth quarter worth $29,000. Thurston Springer Miller Herd & Titak Inc. increased its position in Spotify Technology by 209.1% during the first 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 period. Finally, CVA Family Office LLC increased its position in Spotify Technology by 35.1% during the first quarter. CVA Family Office LLC now owns 100 shares of the company's stock worth $55,000 after acquiring an additional 26 shares during the period. Institutional investors own 84.09% of the company's stock.

Spotify Technology Price Performance

NYSE:SPOT traded down $9.67 during trading hours on Wednesday, reaching $711.61. 782,059 shares of the stock were exchanged, compared to its average volume of 2,335,998. Spotify Technology has a twelve month low of $288.07 and a twelve month high of $728.80. The firm has a 50 day moving average of $637.04 and a 200 day moving average of $570.13. The stock has a market cap of $145.67 billion, a PE ratio of 118.01, a PEG ratio of 1.75 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly 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). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same period last year, the company earned $0.97 EPS. The company's revenue was up 15.2% compared to the same quarter last year. Equities research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Phillip Securities raised shares of Spotify Technology to a "moderate sell" rating in a report on Monday, May 5th. FBN Securities assumed coverage on shares of Spotify Technology in a report on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price target on the stock. Evercore ISI boosted their price target on shares of Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a report on Monday. China Renaissance assumed coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price target on the stock. Finally, Cantor Fitzgerald boosted their price target on shares of Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $630.28.

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.