Ritholtz Wealth Management Boosts Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Ritholtz Wealth Management boosted its position in Spotify Technology S.A. (NYSE:SPOT) by 27.6% in the 4th quarter, HoldingsChannel reports. The firm owned 5,736 shares of the company’s stock after purchasing an additional 1,241 shares during the period. Ritholtz Wealth Management’s holdings in Spotify Technology were worth $2,566,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Gateway Investment Advisers LLC raised its position in shares of Spotify Technology by 630.5% in the fourth quarter. Gateway Investment Advisers LLC now owns 8,277 shares of the company’s stock valued at $3,703,000 after buying an additional 7,144 shares during the last quarter. Hamilton Lane Advisors LLC acquired a new position in Spotify Technology in the 4th quarter valued at $3,344,000. CHURCHILL MANAGEMENT Corp acquired a new position in Spotify Technology in the 4th quarter valued at $2,311,000. Rockingstone Advisors LLC lifted its stake in shares of Spotify Technology by 0.5% during the 4th quarter. Rockingstone Advisors LLC now owns 8,978 shares of the company’s stock worth $4,017,000 after purchasing an additional 45 shares during the period. Finally, Park Avenue Securities LLC boosted its holdings in shares of Spotify Technology by 45.3% during the fourth quarter. Park Avenue Securities LLC now owns 5,062 shares of the company’s stock worth $2,264,000 after purchasing an additional 1,578 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a research note on Friday. Macquarie upped their price objective on shares of Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Pivotal Research raised their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group upped 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. Finally, Morgan Stanley lifted their price target on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $441.21.

Spotify Technology Stock Down 0.9 %

Shares of NYSE SPOT opened at $486.07 on Friday. The business has a 50 day moving average price of $467.11 and a two-hundred day moving average price of $388.20. Spotify Technology S.A. has a fifty-two week low of $200.81 and a fifty-two week high of $506.47. The firm has a market cap of $96.75 billion, a PE ratio of 132.08 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 analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter last year, the firm posted $0.36 EPS. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. On average, analysts anticipate that Spotify Technology S.A. will post 5.96 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.