Cornerstone Wealth Management LLC Invests $233,000 in Spotify Technology S.A. (NYSE:SPOT)

Cornerstone Wealth Management LLC purchased a new stake in Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 520 shares of the company’s stock, valued at approximately $233,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. First Horizon Advisors Inc. lifted its holdings in shares of Spotify Technology by 5.8% in the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after buying an additional 26 shares during the period. West Bancorporation Inc. lifted its stake in Spotify Technology by 3.4% in the third quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after acquiring an additional 27 shares during the period. Avior Wealth Management LLC lifted its stake in Spotify Technology by 12.0% in the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after acquiring an additional 30 shares during the period. Park National Corp OH lifted its stake in Spotify Technology by 4.1% in the fourth quarter. Park National Corp OH now owns 793 shares of the company’s stock worth $355,000 after acquiring an additional 31 shares during the period. Finally, Washington Trust Advisors Inc. lifted its stake in Spotify Technology by 12.0% in the third quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock worth $110,000 after acquiring an additional 32 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $511.19 on Monday. The firm has a fifty day moving average price of $473.74 and a 200 day moving average price of $396.25. The stock has a market cap of $101.75 billion, a PE ratio of 138.91 and a beta of 1.62. Spotify Technology S.A. has a 1 year low of $210.34 and a 1 year high of $512.01.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.36 EPS. As a group, equities analysts expect that Spotify Technology S.A. will post 5.91 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SPOT. TD Cowen upped their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Benchmark restated a “buy” rating and set a $520.00 target price on shares of Spotify Technology in a report on Thursday, January 16th. Cantor Fitzgerald restated a “neutral” rating and set a $340.00 target price on shares of Spotify Technology in a report on Monday, October 7th. Canaccord Genuity Group upped their price objective on Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Finally, UBS Group upped their price objective on Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $441.21.

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.