Alpine Bank Wealth Management Makes New Investment in Spotify Technology (NYSE:SPOT)

Alpine Bank Wealth Management acquired a new stake in Spotify Technology (NYSE:SPOT) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 128 shares of the company’s stock, valued at approximately $70,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. FMR LLC increased its position in shares of Spotify Technology by 30.2% in the fourth quarter. FMR LLC now owns 2,041,387 shares of the company’s stock worth $913,276,000 after purchasing an additional 473,569 shares during the period. Schroder Investment Management Group grew its stake in Spotify Technology by 0.4% during the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock worth $855,810,000 after buying an additional 7,075 shares in the last quarter. GQG Partners LLC bought a new position in Spotify Technology in the 4th quarter valued at about $800,725,000. Geode Capital Management LLC increased its holdings in Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock valued at $659,841,000 after buying an additional 1,259,183 shares during the period. Finally, Northern Trust Corp raised its position in shares of Spotify Technology by 103.7% in the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company’s stock valued at $638,367,000 after buying an additional 726,245 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $735.99 on Thursday. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $759.17. The firm has a market cap of $150.66 billion, a PE ratio of 122.05, a price-to-earnings-growth ratio of 1.96 and a beta of 1.68. The firm’s fifty day moving average is $657.02 and its 200-day moving average is $579.16.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.97 earnings per share. Sell-side analysts forecast that Spotify Technology will post 10.3 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SPOT shares. FBN Securities assumed coverage on shares of Spotify Technology in a report on Friday, March 28th. They set a “sector perform” rating and a $645.00 price target for the company. KeyCorp cut their target price on Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. Cantor Fitzgerald raised their target price on Spotify Technology from $610.00 to $640.00 and gave the company a “neutral” rating in a report on Wednesday, June 18th. Phillip Securities upgraded Spotify Technology to a “moderate sell” rating in a research note on Monday, May 5th. Finally, Wells Fargo & Company boosted their price target on Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a report on Friday, March 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $634.24.

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.