Spotify Technology S.A. (NYSE:SPOT) Shares Bought by Wedmont Private Capital

Wedmont Private Capital boosted its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 19.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,150 shares of the company’s stock after buying an additional 185 shares during the period. Wedmont Private Capital’s holdings in Spotify Technology were worth $417,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Gunderson Capital Management Inc. bought a new position in Spotify Technology during the third quarter valued at about $3,051,000. Future Financial Wealth Managment LLC bought a new position in Spotify Technology during the third quarter valued at about $55,000. Rockingstone Advisors LLC boosted its stake in Spotify Technology by 3.4% during the third quarter. Rockingstone Advisors LLC now owns 8,933 shares of the company’s stock valued at $3,292,000 after buying an additional 290 shares in the last quarter. Atomi Financial Group Inc. boosted its stake in Spotify Technology by 23.3% during the third quarter. Atomi Financial Group Inc. now owns 1,571 shares of the company’s stock valued at $579,000 after buying an additional 297 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC boosted its stake in Spotify Technology by 1.9% during the third quarter. Dynamic Advisor Solutions LLC now owns 2,526 shares of the company’s stock valued at $931,000 after buying an additional 47 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 1.1 %

SPOT opened at $373.70 on Friday. The business has a 50-day moving average of $348.38 and a 200-day moving average of $319.32. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. Spotify Technology S.A. has a fifty-two week low of $145.76 and a fifty-two week high of $389.23. The company has a market capitalization of $71.08 billion, a PE ratio of -557.76 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same period last year, the business earned ($1.69) EPS. The firm’s revenue was up 19.8% compared to the same quarter last year. Equities research analysts forecast that Spotify Technology S.A. will post 6.24 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SPOT. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $340.00 target price on shares of Spotify Technology in a research note on Monday, October 7th. Redburn Atlantic reiterated a “sell” rating and issued a $230.00 price target on shares of Spotify Technology in a research report on Wednesday, July 10th. Morgan Stanley increased their price target on Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Jefferies Financial Group reiterated a “buy” rating and issued a $385.00 price target (up previously from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. Finally, The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and increased their price target for the company from $320.00 to $425.00 in a research report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $359.14.

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.