Montag A & Associates Inc. Grows Stake in Spotify Technology $SPOT

Montag A & Associates Inc. boosted its position in shares of Spotify Technology (NYSE:SPOT) by 62.8% during the third quarter, Holdings Channel reports. The firm owned 2,739 shares of the company’s stock after buying an additional 1,057 shares during the quarter. Montag A & Associates Inc.’s holdings in Spotify Technology were worth $1,912,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Knuff & Co LLC purchased a new position in shares of Spotify Technology in the second quarter valued at $27,000. Total Investment Management Inc. acquired a new stake in Spotify Technology in the 2nd quarter valued at about $29,000. Heartwood Wealth Advisors LLC acquired a new stake in Spotify Technology in the 3rd quarter valued at about $27,000. Greykasell Wealth Strategies Inc. increased its holdings in Spotify Technology by 3,800.0% during the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after acquiring an additional 38 shares in the last quarter. Finally, Westfuller Advisors LLC acquired a new position in Spotify Technology during the third quarter worth about $29,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT stock opened at $534.99 on Thursday. The firm’s 50-day simple moving average is $508.95 and its 200-day simple moving average is $603.69. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The firm has a market cap of $110.12 billion, a P/E ratio of 55.50, a PEG ratio of 1.14 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $3.16 by $2.00. The firm had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. Spotify Technology’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.88 earnings per share. Analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Moffett Nathanson initiated coverage on shares of Spotify Technology in a research report on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 price target on the stock. KeyCorp reduced their target price on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a research note on Monday, February 9th. Guggenheim lowered their target price on Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Citizens Jmp started coverage on Spotify Technology in a report on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 price target for the company. Finally, Phillip Securities upgraded Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target 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.