Octavia Wealth Advisors LLC Purchases New Shares in Spotify Technology S.A. (NYSE:SPOT)

Octavia Wealth Advisors LLC purchased a new stake in Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 895 shares of the company’s stock, valued at approximately $400,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Prestige Wealth Management Group LLC bought a new position in Spotify Technology in the 3rd quarter valued at $26,000. Hobbs Group Advisors LLC bought a new position in Spotify Technology in the 3rd quarter valued at $33,000. Larson Financial Group LLC grew its stake in Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the period. V Square Quantitative Management LLC bought a new position in Spotify Technology in the 3rd quarter valued at $40,000. Finally, Rakuten Securities Inc. grew its stake in Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after purchasing an additional 32 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SPOT has been the subject of a number of recent analyst reports. Piper Sandler upped their price objective on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Benchmark restated a “buy” rating and issued a $520.00 price objective on shares of Spotify Technology in a research note on Thursday, January 16th. Pivotal Research upped their price objective on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. increased their price target on Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Finally, TD Cowen increased their price target on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $441.21.

Spotify Technology Stock Up 0.4 %

NYSE:SPOT opened at $487.29 on Wednesday. The business’s 50-day moving average price is $470.33 and its two-hundred day moving average price is $391.64. Spotify Technology S.A. has a twelve month low of $204.22 and a twelve month high of $506.47. The stock has a market cap of $97.00 billion, a P/E ratio of 132.42 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the business earned $0.36 EPS. The business’s revenue was up 18.8% on a year-over-year basis. On average, equities research analysts expect that Spotify Technology S.A. will post 5.91 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.