Left Brain Wealth Management LLC Increases Stake in Spotify Technology $SPOT

Left Brain Wealth Management LLC grew its stake in shares of Spotify Technology (NYSE:SPOT) by 87.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 4,855 shares of the company’s stock after purchasing an additional 2,260 shares during the quarter. Spotify Technology accounts for 1.1% of Left Brain Wealth Management LLC’s holdings, making the stock its 29th largest position. Left Brain Wealth Management LLC’s holdings in Spotify Technology were worth $3,389,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of SPOT. Crossmark Global Holdings Inc. grew its stake in Spotify Technology by 26.3% during the third quarter. Crossmark Global Holdings Inc. now owns 1,617 shares of the company’s stock valued at $1,129,000 after acquiring an additional 337 shares in the last quarter. Orion Porfolio Solutions LLC boosted its holdings in shares of Spotify Technology by 3.7% during the 3rd quarter. Orion Porfolio Solutions LLC now owns 10,294 shares of the company’s stock valued at $7,185,000 after purchasing an additional 370 shares during the last quarter. Cambria Investment Management L.P. bought a new position in shares of Spotify Technology during the 3rd quarter valued at about $496,000. ARK Investment Management LLC grew its position in shares of Spotify Technology by 8.2% during the third quarter. ARK Investment Management LLC now owns 80,285 shares of the company’s stock valued at $56,039,000 after purchasing an additional 6,100 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Spotify Technology by 7.8% in the third quarter. Dimensional Fund Advisors LP now owns 252,597 shares of the company’s stock worth $176,383,000 after purchasing an additional 18,254 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on SPOT. Guggenheim dropped their price target on Spotify Technology from $720.00 to $600.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. UBS Group decreased their price objective on Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a report on Friday, January 9th. Pivotal Research lowered shares of Spotify Technology from a “buy” rating to a “hold” rating and cut their target price for the company from $875.00 to $420.00 in a report on Wednesday, February 11th. KeyCorp reduced their price target 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. Finally, Wall Street Zen upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $698.91.

Spotify Technology Stock Up 3.7%

Shares of SPOT opened at $553.87 on Friday. The business has a fifty day moving average of $508.31 and a 200 day moving average of $603.35. The company has a market cap of $114.00 billion, a PE ratio of 57.46, a P/E/G ratio of 1.17 and a beta of 1.66. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data 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. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The business had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the business posted $1.88 earnings per share. The business’s revenue was up 6.8% compared to the same quarter last year. As a group, research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Spotify Technology 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.