Spire Wealth Management Decreases Position in Spotify Technology $SPOT

Spire Wealth Management decreased its position in Spotify Technology (NYSE:SPOT) by 90.3% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 688 shares of the company’s stock after selling 6,425 shares during the period. Spire Wealth Management’s holdings in Spotify Technology were worth $400,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in SPOT. Quadcap Wealth Management LLC raised its stake in shares of Spotify Technology by 5.7% during the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock worth $206,000 after buying an additional 16 shares during the last quarter. Sage Mountain Advisors LLC grew its stake in Spotify Technology by 6.3% in the 3rd quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock valued at $201,000 after acquiring an additional 17 shares during the last quarter. Fullerton Fund Management Co Ltd. grew its stake in Spotify Technology by 7.0% in the 2nd quarter. Fullerton Fund Management Co Ltd. now owns 276 shares of the company’s stock valued at $212,000 after acquiring an additional 18 shares during the last quarter. Sagespring Wealth Partners LLC increased its holdings in Spotify Technology by 2.9% during the 4th quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock valued at $370,000 after acquiring an additional 18 shares in the last quarter. Finally, Granite Group Advisors LLC increased its holdings in Spotify Technology by 2.6% during the 3rd quarter. Granite Group Advisors LLC now owns 756 shares of the company’s stock valued at $528,000 after acquiring an additional 19 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SPOT shares. Daiwa Securities Group initiated coverage on shares of Spotify Technology in a report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price target on the stock. KeyCorp dropped their price objective on shares of Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a research note on Monday, February 9th. Sanford C. Bernstein cut their price objective on Spotify Technology from $830.00 to $650.00 and set an “outperform” rating for the company in a research report on Wednesday, January 14th. UBS Group reduced their target price on Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research note on Friday, January 9th. Finally, Weiss Ratings cut Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, February 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $699.00.

Spotify Technology Trading Down 2.8%

NYSE:SPOT opened at $471.55 on Thursday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The firm has a market cap of $97.08 billion, a price-to-earnings ratio of 48.92, a price-to-earnings-growth ratio of 1.06 and a beta of 1.66. The company’s 50-day moving average is $490.49 and its two-hundred day moving average is $576.36.

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

About Spotify Technology

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.