RPg Family Wealth Advisory LLC Buys New Stake in Spotify Technology $SPOT

RPg Family Wealth Advisory LLC acquired a new position in Spotify Technology (NYSE:SPOT) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 12,108 shares of the company’s stock, valued at approximately $8,451,000. Spotify Technology accounts for approximately 1.9% of RPg Family Wealth Advisory LLC’s investment portfolio, making the stock its 16th largest position.

Other hedge funds have also recently added to or reduced their stakes in the company. Knuff & Co LLC acquired a new stake in shares of Spotify Technology in the second quarter worth $27,000. Heartwood Wealth Advisors LLC bought a new position in shares of Spotify Technology during the 3rd quarter worth about $27,000. Greykasell Wealth Strategies Inc. raised its position in shares of Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after buying an additional 38 shares during the last quarter. Total Investment Management Inc. bought a new stake in shares of Spotify Technology in the second quarter valued at about $29,000. Finally, Westfuller Advisors LLC acquired a new stake in Spotify Technology during the third quarter worth about $29,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 2.3%

NYSE:SPOT opened at $518.99 on Wednesday. The stock has a market capitalization of $106.82 billion, a P/E ratio of 53.84, a price-to-earnings-growth ratio of 1.11 and a beta of 1.66. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The firm has a 50 day moving average of $509.97 and a 200-day moving average of $604.17.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $3.16 by $2.00. The firm had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The business’s revenue was up 6.8% on a year-over-year basis. During the same period last year, the firm posted $1.88 EPS. As a group, analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on SPOT. Cantor Fitzgerald cut their price target on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a report on Wednesday, February 11th. DZ Bank upgraded Spotify Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Weiss Ratings downgraded shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, February 26th. Phillip Securities upgraded shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research note on Monday, November 10th. Finally, KeyCorp decreased their target price on shares of Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a research report on Monday, February 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $698.91.

Spotify Technology Company Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.