Empirical Financial Services LLC d.b.a. Empirical Wealth Management Invests $404,000 in Spotify Technology S.A. (NYSE:SPOT)

Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 904 shares of the company’s stock, valued at approximately $404,000.

Several other hedge funds have also modified their holdings of SPOT. Aigen Investment Management LP raised its stake in Spotify Technology by 42.4% during the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after purchasing an additional 2,918 shares during the period. Pathway Capital Management LP raised its position in Spotify Technology by 23.8% during the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after buying an additional 11,042 shares during the period. Perpetual Ltd lifted its stake in Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after acquiring an additional 148,431 shares in the last quarter. Covenant Asset Management LLC acquired a new stake in Spotify Technology during the 3rd quarter worth about $3,364,000. Finally, Kestra Investment Management LLC purchased a new position in Spotify Technology during the 3rd quarter valued at about $780,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

NYSE SPOT opened at $540.11 on Thursday. The company’s fifty day moving average is $476.28 and its two-hundred day moving average is $400.01. Spotify Technology S.A. has a 52-week low of $213.31 and a 52-week high of $543.86. The firm has a market capitalization of $107.51 billion, a price-to-earnings ratio of 146.77 and a beta of 1.62.

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

Analyst Ratings Changes

SPOT has been the subject of a number of research analyst reports. The Goldman Sachs Group increased their price target on shares of Spotify Technology from $490.00 to $550.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Cantor Fitzgerald reissued a “neutral” rating and set a $480.00 target price (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Morgan Stanley increased their price objective on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, Canaccord Genuity Group boosted their target price on Spotify Technology from $525.00 to $560.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and an average price target of $446.21.

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.