Merit Financial Group LLC Raises Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Merit Financial Group LLC lifted its position in Spotify Technology S.A. (NYSE:SPOT) by 243.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,248 shares of the company’s stock after buying an additional 2,303 shares during the period. Merit Financial Group LLC’s holdings in Spotify Technology were worth $1,453,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. WCM Investment Management LLC boosted its stake in Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Spotify Technology by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after purchasing an additional 102,786 shares in the last quarter. State Street Corp boosted its stake in Spotify Technology by 1.5% in the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after purchasing an additional 28,864 shares in the last quarter. FMR LLC boosted its stake in Spotify Technology by 23.4% in the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after purchasing an additional 297,035 shares in the last quarter. Finally, Two Sigma Advisers LP boosted its stake in Spotify Technology by 19.0% in the 3rd quarter. Two Sigma Advisers LP now owns 980,000 shares of the company’s stock worth $361,159,000 after purchasing an additional 156,300 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 0.9 %

Spotify Technology stock opened at $486.07 on Tuesday. Spotify Technology S.A. has a 52-week low of $200.81 and a 52-week high of $506.47. The firm has a market capitalization of $96.75 billion, a price-to-earnings ratio of 132.08 and a beta of 1.62. The company has a fifty day simple moving average of $468.82 and a 200-day simple moving average of $390.44.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.30). The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.36 EPS. On average, research analysts anticipate that Spotify Technology S.A. will post 5.96 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SPOT has been the subject of several research reports. Cantor Fitzgerald restated a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a research note on Monday, October 7th. Morgan Stanley lifted their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Wells Fargo & Company lifted their price objective on shares of Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Barclays lifted their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, UBS Group lifted their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $441.21.

About Spotify Technology

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.