Laird Norton Wetherby Wealth Management LLC Buys 784 Shares of Spotify Technology S.A. (NYSE:SPOT)

Laird Norton Wetherby Wealth Management LLC increased its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 72.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,863 shares of the company's stock after purchasing an additional 784 shares during the quarter. Laird Norton Wetherby Wealth Management LLC's holdings in Spotify Technology were worth $833,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in SPOT. Principal Financial Group Inc. raised its holdings in shares of Spotify Technology by 11.8% in the 3rd quarter. Principal Financial Group Inc. now owns 39,578 shares of the company's stock worth $14,586,000 after purchasing an additional 4,192 shares in the last quarter. Brookstone Capital Management raised its holdings in shares of Spotify Technology by 8.6% during the fourth quarter. Brookstone Capital Management now owns 1,411 shares of the company's stock valued at $631,000 after acquiring an additional 112 shares during the period. Wedmont Private Capital raised its holdings in shares of Spotify Technology by 8.3% during the fourth quarter. Wedmont Private Capital now owns 1,245 shares of the company's stock valued at $572,000 after acquiring an additional 95 shares during the period. SeaCrest Wealth Management LLC raised its holdings in shares of Spotify Technology by 11.7% during the fourth quarter. SeaCrest Wealth Management LLC now owns 1,806 shares of the company's stock valued at $808,000 after acquiring an additional 189 shares during the period. Finally, Pines Wealth Management LLC acquired a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $288,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Price Performance

Shares of NYSE SPOT traded down $4.97 during trading hours on Tuesday, hitting $659.65. 540,753 shares of the stock were exchanged, compared to its average volume of 2,189,757. The company's 50 day moving average is $588.18 and its 200 day moving average is $536.48. The firm has a market capitalization of $135.03 billion, a P/E ratio of 110.89 and a beta of 1.72. Spotify Technology S.A. has a one year low of $288.07 and a one year high of $669.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data 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 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%. Spotify Technology's quarterly revenue was up 15.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.97 earnings per share. Research analysts anticipate that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently issued reports on SPOT. Barclays cut their price target on shares of Spotify Technology from $710.00 to $650.00 and set an "overweight" rating on the stock in a report on Wednesday, April 30th. Rosenblatt Securities cut their price target on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. Evercore ISI cut their price target on shares of Spotify Technology from $700.00 to $650.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. China Renaissance began coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They set a "buy" rating and a $740.00 price target on the stock. Finally, Guggenheim boosted their price objective on shares of Spotify Technology from $675.00 to $725.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Eight analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and a consensus price target of $609.07.

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.