Stonebridge Financial Group LLC Takes $135,000 Position in Spotify Technology S.A. (NYSE:SPOT)

Stonebridge Financial Group LLC purchased a new position in Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 301 shares of the company’s stock, valued at approximately $135,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in SPOT. First Horizon Advisors Inc. grew its stake in shares of Spotify Technology by 5.8% in the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after acquiring an additional 26 shares during the last quarter. West Bancorporation Inc. boosted its stake in Spotify Technology by 3.4% in the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after purchasing an additional 27 shares in the last quarter. Joel Isaacson & Co. LLC grew its position in Spotify Technology by 1.9% during the 4th quarter. Joel Isaacson & Co. LLC now owns 1,559 shares of the company’s stock valued at $697,000 after purchasing an additional 29 shares during the last quarter. Avior Wealth Management LLC increased its stake in Spotify Technology by 12.0% during the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after purchasing an additional 30 shares in the last quarter. Finally, Park National Corp OH raised its holdings in Spotify Technology by 4.1% in the fourth quarter. Park National Corp OH now owns 793 shares of the company’s stock worth $355,000 after buying an additional 31 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Up 2.9 %

SPOT stock opened at $640.93 on Thursday. The business’s 50-day moving average price is $499.71 and its 200-day moving average price is $420.10. The stock has a market cap of $127.58 billion, a P/E ratio of 107.72 and a beta of 1.63. Spotify Technology S.A. has a twelve month low of $228.07 and a twelve month high of $648.27.

Spotify Technology (NYSE:SPOT) last issued 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). The firm had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. Spotify Technology’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.36 EPS. On average, equities research analysts expect that Spotify Technology S.A. will post 9.69 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of recent analyst reports. The Goldman Sachs Group increased their price target on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. KeyCorp boosted their price target on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Piper Sandler increased their price objective on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $480.00 target price (down previously from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $514.79.

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.