Focus Partners Wealth Has $3.38 Million Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Focus Partners Wealth grew its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 310.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,543 shares of the company's stock after purchasing an additional 5,706 shares during the period. Focus Partners Wealth's holdings in Spotify Technology were worth $3,375,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Principal Financial Group Inc. boosted its position 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 valued at $14,586,000 after purchasing an additional 4,192 shares during the period. Brookstone Capital Management lifted its stake in Spotify Technology by 8.6% in 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 last quarter. SeaCrest Wealth Management LLC increased its stake in shares of Spotify Technology by 11.7% during the 4th quarter. SeaCrest Wealth Management LLC now owns 1,806 shares of the company's stock worth $808,000 after purchasing an additional 189 shares during the last quarter. Pines Wealth Management LLC acquired a new position in shares of Spotify Technology during the 4th quarter worth $288,000. Finally, Kathmere Capital Management LLC raised its stake in shares of Spotify Technology by 75.8% in the 4th quarter. Kathmere Capital Management LLC now owns 1,023 shares of the company's stock valued at $458,000 after acquiring an additional 441 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SPOT. Evercore ISI cut their price objective on Spotify Technology from $700.00 to $650.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. UBS Group reduced their price objective on Spotify Technology from $690.00 to $680.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Morgan Stanley upped their price objective on Spotify Technology from $550.00 to $670.00 and gave the company an "overweight" rating in a report on Wednesday, February 5th. Macquarie increased their target price on Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Finally, Benchmark lifted their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the company a "buy" rating in a research note on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. According to data from MarketBeat, Spotify Technology presently has an average rating of "Moderate Buy" and a consensus target price of $606.48.

Spotify Technology Stock Performance

Shares of NYSE:SPOT traded up $8.25 during midday trading on Monday, reaching $664.55. The company's stock had a trading volume of 1,973,543 shares, compared to its average volume of 2,196,199. The firm has a market capitalization of $136.04 billion, a price-to-earnings ratio of 111.69 and a beta of 1.72. The firm has a 50 day moving average price of $585.62 and a two-hundred day moving average price of $534.52. Spotify Technology S.A. has a fifty-two week low of $288.07 and a fifty-two week high of $668.39.

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 (EPS) for the quarter, missing analysts' consensus estimates 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 7.26% and a return on equity of 25.56%. The firm'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 earned $0.97 earnings per share. As a group, research analysts anticipate 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.