Pines Wealth Management LLC Takes $288,000 Position in Spotify Technology S.A. (NYSE:SPOT)

Pines Wealth Management LLC purchased a new stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 627 shares of the company's stock, valued at approximately $288,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Aigen Investment Management LP grew its stake in shares of Spotify Technology by 42.4% in the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company's stock valued at $3,612,000 after buying an additional 2,918 shares during the period. Pathway Capital Management LP grew its position in Spotify Technology by 23.8% in the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company's stock worth $21,132,000 after acquiring an additional 11,042 shares during the period. Perpetual Ltd increased its stake in Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company's stock worth $279,965,000 after acquiring an additional 148,431 shares during the last quarter. Covenant Asset Management LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at $3,364,000. Finally, Jag Capital Management LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at $13,569,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Price Performance

Shares of SPOT traded down $0.61 during midday trading on Thursday, reaching $490.08. 1,167,326 shares of the stock were exchanged, compared to its average volume of 1,605,506. The company has a market capitalization of $97.55 billion, a price-to-earnings ratio of 133.17 and a beta of 1.62. Spotify Technology S.A. has a twelve month low of $191.88 and a twelve month high of $506.47. The business's 50-day moving average price is $463.33 and its 200 day moving average price is $386.77.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts' consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion during the quarter, compared to analysts' expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. Spotify Technology's quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.36 EPS. As a group, equities research analysts expect that Spotify Technology S.A. will post 5.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several research analyst reports. Cantor Fitzgerald restated a "neutral" rating and set a $340.00 price target on shares of Spotify Technology in a research report on Monday, October 7th. KeyCorp raised their target price on Spotify Technology from $520.00 to $555.00 and gave the company an "overweight" rating in a report on Friday, January 10th. JPMorgan Chase & Co. boosted their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 13th. UBS Group raised their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the company a "buy" rating in a research note on Wednesday. Finally, Pivotal Research upped their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $441.21.

Spotify Technology Profile

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.