Assetmark Inc. raised its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 1.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,391 shares of the company's stock after purchasing an additional 405 shares during the quarter. Assetmark Inc.'s holdings in Spotify Technology were worth $17,266,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the stock. Mpwm Advisory Solutions LLC acquired a new stake in Spotify Technology in the 4th quarter worth $26,000. Tsfg LLC acquired a new stake in shares of Spotify Technology during the first quarter worth $28,000. Copia Wealth Management bought a new stake in Spotify Technology in the fourth quarter valued at approximately $29,000. Cornerstone Planning Group LLC increased its position in shares of Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after buying an additional 41 shares in the last quarter. Finally, North Star Investment Management Corp. increased its holdings in Spotify Technology by 52.8% during the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after purchasing an additional 19 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on the company. UBS Group upped their price objective on Spotify Technology from $680.00 to $895.00 and gave the stock a "buy" rating in a research note on Friday, June 27th. Pivotal Research boosted their price objective on shares of Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. Wells Fargo & Company boosted their price target on Spotify Technology from $740.00 to $750.00 and gave the stock an "overweight" rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft raised their target price on shares of Spotify Technology from $700.00 to $775.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Finally, DZ Bank raised shares of Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price target for the company in a research note on Wednesday. Nine equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $723.73.
Read Our Latest Research Report on Spotify Technology
Spotify Technology Trading Up 2.7%
SPOT traded up $16.65 during midday trading on Wednesday, hitting $636.66. The company's stock had a trading volume of 2,493,259 shares, compared to its average volume of 2,306,667. Spotify Technology has a 52-week low of $300.57 and a 52-week high of $785.00. The firm has a market cap of $130.33 billion, a P/E ratio of 105.67, a PEG ratio of 1.89 and a beta of 1.68. The firm has a 50-day moving average price of $701.34 and a two-hundred day moving average price of $621.08.
Spotify Technology (NYSE:SPOT - Get Free Report) last posted its 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 return on equity of 22.53% and a net margin of 7.19%. The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter last year, the company posted $0.97 EPS. Spotify Technology's revenue for the quarter was up 15.2% on a year-over-year basis. On average, equities analysts expect that Spotify Technology will post 10.3 EPS for the current year.
Spotify Technology Company Profile
(
Free Report)
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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