Avitas Wealth Management LLC Has $540,000 Position in Spotify Technology S.A. (NYSE:SPOT)

Avitas Wealth Management LLC lowered its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 2.2% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 1,206 shares of the company’s stock after selling 27 shares during the period. Avitas Wealth Management LLC’s holdings in Spotify Technology were worth $540,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in SPOT. Jennison Associates LLC acquired a new position in shares of Spotify Technology during the fourth quarter valued at about $1,335,575,000. Forsta AP Fonden bought a new position in Spotify Technology during the fourth quarter worth about $619,600,000. WCM Investment Management LLC lifted its stake in Spotify Technology by 18.5% during the third 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 during the period. International Assets Investment Management LLC lifted its stake in Spotify Technology by 36,910.0% during the third quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after purchasing an additional 346,585 shares during the period. Finally, FMR LLC lifted its stake in Spotify Technology by 23.4% during the third 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 during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on SPOT shares. Piper Sandler upped their price target on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Pivotal Research increased their price objective on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Phillip Securities reiterated an “accumulate” rating and set a $485.00 price objective (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. The Goldman Sachs Group increased their price objective on Spotify Technology from $490.00 to $550.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, Bank of America increased their price objective on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $509.61.

Spotify Technology Trading Up 0.5 %

Shares of SPOT opened at $625.04 on Thursday. Spotify Technology S.A. has a 1 year low of $227.52 and a 1 year high of $630.77. The stock has a market cap of $124.41 billion, a P/E ratio of 169.85 and a beta of 1.63. The stock’s 50-day moving average price is $485.02 and its two-hundred day moving average price is $409.38.

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

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.