Earned Wealth Advisors LLC Takes $231,000 Position in Spotify Technology $SPOT

Earned Wealth Advisors LLC acquired a new position in Spotify Technology (NYSE:SPOT) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 301 shares of the company’s stock, valued at approximately $231,000.

Several other institutional investors also recently bought and sold shares of SPOT. Goldman Sachs Group Inc. boosted its holdings in Spotify Technology by 1,151.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company’s stock worth $957,494,000 after buying an additional 1,601,653 shares during the last quarter. Jennison Associates LLC boosted its holdings in Spotify Technology by 42.3% in the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company’s stock worth $2,336,494,000 after buying an additional 1,262,614 shares during the last quarter. Nuveen LLC acquired a new stake in Spotify Technology in the 1st quarter worth about $383,139,000. Axiom Investors LLC DE boosted its holdings in Spotify Technology by 216.8% in the 1st quarter. Axiom Investors LLC DE now owns 719,682 shares of the company’s stock worth $395,847,000 after buying an additional 492,504 shares during the last quarter. Finally, Bessemer Group Inc. boosted its holdings in Spotify Technology by 215.3% in the 2nd quarter. Bessemer Group Inc. now owns 505,329 shares of the company’s stock worth $387,758,000 after buying an additional 345,048 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SPOT has been the topic of several research analyst reports. Argus initiated coverage on Spotify Technology in a report on Monday, September 29th. They issued a “buy” rating and a $845.00 price objective on the stock. Barclays lowered their target price on Spotify Technology from $800.00 to $750.00 and set an “overweight” rating on the stock in a report on Wednesday, July 30th. Rosenblatt Securities boosted their target price on Spotify Technology from $679.00 to $700.00 and gave the stock a “neutral” rating in a report on Wednesday. Benchmark lowered their target price on Spotify Technology from $840.00 to $800.00 and set a “buy” rating on the stock in a report on Wednesday, July 30th. Finally, The Goldman Sachs Group cut Spotify Technology from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $765.00 to $770.00 in a report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and an average target price of $731.81.

Spotify Technology Stock Performance

SPOT stock opened at $654.99 on Friday. The firm has a market cap of $134.08 billion, a PE ratio of 158.98, a PEG ratio of 3.46 and a beta of 1.67. The firm’s 50 day moving average price is $691.63 and its 200-day moving average price is $680.34. Spotify Technology has a one year low of $376.04 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of $2.00 by ($2.42). The firm had revenue of $4.94 billion for the quarter, compared to analysts’ expectations of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The firm’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.33 EPS. Equities research analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

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.