Wealth Enhancement Advisory Services LLC Has $13.99 Million Position in Spotify Technology (NYSE:SPOT)

Wealth Enhancement Advisory Services LLC boosted its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 238.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 25,441 shares of the company's stock after purchasing an additional 17,932 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Spotify Technology were worth $13,993,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SPOT. Thrivent Financial for Lutherans raised its stake in shares of Spotify Technology by 566.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after buying an additional 6,782 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its position in shares of Spotify Technology by 4.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,072 shares of the company's stock worth $927,000 after purchasing an additional 85 shares in the last quarter. Amundi lifted its position in shares of Spotify Technology by 194.2% in the fourth quarter. Amundi now owns 750,030 shares of the company's stock worth $359,812,000 after purchasing an additional 495,087 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its position in shares of Spotify Technology by 18.5% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 22,598 shares of the company's stock worth $10,110,000 after purchasing an additional 3,536 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Spotify Technology by 108.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 150,804 shares of the company's stock worth $67,467,000 after acquiring an additional 78,499 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Down 0.4%

NYSE:SPOT opened at $707.64 on Monday. The company has a fifty day moving average of $646.29 and a 200-day moving average of $575.23. The firm has a market capitalization of $144.86 billion, a P/E ratio of 117.35, a P/E/G ratio of 1.85 and a beta of 1.68. Spotify Technology has a twelve month low of $288.07 and a twelve month high of $728.80.

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 (EPS) 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 analyst estimates of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The business's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.97 EPS. On average, analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SPOT. Loop Capital upped their price target on shares of Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research report on Friday, May 2nd. Redburn Atlantic began coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price objective on the stock. Cantor Fitzgerald increased their price objective on shares of Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. FBN Securities began coverage on shares of Spotify Technology in a research note on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price target on the stock. Finally, DZ Bank downgraded shares of Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a research report on Friday, June 13th. One investment 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 MarketBeat, the stock 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.

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