Wealth Enhancement Advisory Services LLC Has $3.36 Million Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Wealth Enhancement Advisory Services LLC lessened its stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 55.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,509 shares of the company's stock after selling 9,531 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Spotify Technology were worth $3,360,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans grew its stake in shares of Spotify Technology by 566.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after acquiring an additional 6,782 shares during the last quarter. Marks Group Wealth Management Inc bought a new position in Spotify Technology in the fourth quarter worth $535,000. Steward Partners Investment Advisory LLC lifted its position in 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 during the period. WealthPlan Investment Management LLC bought a new position in Spotify Technology in the fourth quarter worth $217,000. Finally, Amundi lifted its position in 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 during the period. Institutional investors and hedge funds own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several research reports. Barclays reduced their target price on Spotify Technology from $710.00 to $650.00 and set an "overweight" rating for the company in a research report on Wednesday, April 30th. Phillip Securities raised Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. Citigroup raised their target price on Spotify Technology from $540.00 to $720.00 and gave the stock a "neutral" rating in a research report on Friday, February 14th. Wells Fargo & Company raised their target price on Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a research report on Friday, March 28th. Finally, Guggenheim reaffirmed a "buy" rating on shares of Spotify Technology in a research report on Friday. Eight research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Spotify Technology currently has an average rating of "Moderate Buy" and an average target price of $611.14.

Spotify Technology Stock Performance

NYSE:SPOT traded down $0.58 on Friday, hitting $712.24. 936,504 shares of the stock were exchanged, compared to its average volume of 2,219,034. The stock has a market capitalization of $145.80 billion, a price-to-earnings ratio of 119.70 and a beta of 1.72. Spotify Technology S.A. has a 52 week low of $288.07 and a 52 week high of $717.87. The company's 50-day moving average price is $612.90 and its 200 day moving average price is $558.29.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $4.41 billion for 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 business's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.97 earnings per share. As a group, equities research analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

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.