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

SMART Wealth LLC purchased a new stake in Spotify Technology (NYSE:SPOT - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 535 shares of the company's stock, valued at approximately $294,000.

Several other large investors have also recently added to or reduced their stakes in SPOT. GQG Partners LLC acquired a new stake in Spotify Technology in the 4th quarter valued at $800,725,000. Geode Capital Management LLC boosted its position in Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after buying an additional 1,259,183 shares during the last quarter. Norges Bank purchased a new position in Spotify Technology in the 4th quarter valued at about $396,028,000. Janus Henderson Group PLC boosted its position in Spotify Technology by 325.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock valued at $503,316,000 after buying an additional 861,232 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Spotify Technology by 103.7% in the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock valued at $638,367,000 after buying an additional 726,245 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SPOT. Wolfe Research raised shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective for the company in a research report on Monday, April 21st. Evercore ISI upped their price objective on shares of Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a research report on Monday, June 16th. Cantor Fitzgerald upped their price objective on shares of Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a research report on Wednesday, June 18th. Wells Fargo & Company upped their price objective on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research report on Friday, March 28th. Finally, Canaccord Genuity Group upped their price objective on shares of Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $660.28.

Spotify Technology Trading Up 2.0%

Shares of NYSE:SPOT opened at $723.98 on Friday. The firm's 50 day moving average is $676.45 and its two-hundred day moving average is $590.13. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $785.00. The firm has a market capitalization of $148.20 billion, a P/E ratio of 120.06, a PEG ratio of 1.87 and a beta of 1.68.

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

Spotify Technology Company 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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