WBI Investments LLC Purchases 2,529 Shares of Spotify Technology S.A. (NYSE:SPOT)

WBI Investments LLC increased its position in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 264.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,484 shares of the company's stock after purchasing an additional 2,529 shares during the period. WBI Investments LLC's holdings in Spotify Technology were worth $1,559,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SPOT. Auxano Advisors LLC raised its position in Spotify Technology by 2.5% in the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company's stock worth $370,000 after buying an additional 20 shares during the last quarter. SRS Capital Advisors Inc. raised its position in Spotify Technology by 4.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company's stock worth $256,000 after buying an additional 25 shares during the last quarter. Covenant Partners LLC raised its position in Spotify Technology by 2.5% in the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock worth $458,000 after buying an additional 25 shares during the last quarter. First Horizon Advisors Inc. raised its position in Spotify Technology by 5.4% in the 4th quarter. First Horizon Advisors Inc. now owns 504 shares of the company's stock worth $225,000 after buying an additional 26 shares during the last quarter. Finally, Harbour Investments Inc. raised its position in Spotify Technology by 13.3% in the 4th quarter. Harbour Investments Inc. now owns 222 shares of the company's stock worth $99,000 after buying an additional 26 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Down 2.4%

SPOT stock traded down $15.91 during midday trading on Wednesday, hitting $642.70. The company's stock had a trading volume of 2,155,928 shares, compared to its average volume of 2,200,331. Spotify Technology S.A. has a 12 month low of $288.07 and a 12 month high of $669.00. The firm has a market capitalization of $131.56 billion, a price-to-earnings ratio of 108.02 and a beta of 1.72. The company has a 50 day moving average of $591.90 and a two-hundred day moving average of $538.05.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly 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). The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.97 earnings per share. On average, analysts anticipate that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SPOT has been the subject of several research reports. FBN Securities initiated coverage on shares of Spotify Technology in a research report on Friday, March 28th. They set a "sector perform" rating and a $645.00 price target for the company. JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $640.00 to $670.00 and gave the company an "overweight" rating in a research report on Wednesday, April 30th. Barclays reduced their price target on shares of Spotify Technology from $710.00 to $650.00 and set an "overweight" rating for the company in a research report on Wednesday, April 30th. KeyCorp reduced their price target on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Finally, Robert W. Baird upped their price target on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Eight equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target 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.