Signature Wealth Management Group Acquires Shares of 1,366 Spotify Technology $SPOT

Signature Wealth Management Group bought a new position in shares of Spotify Technology (NYSE:SPOT) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 1,366 shares of the company’s stock, valued at approximately $953,000.

A number of other hedge funds have also modified their holdings of the business. State Street Corp increased its position in shares of Spotify Technology by 1.7% during the 2nd quarter. State Street Corp now owns 4,574,228 shares of the company’s stock worth $3,509,988,000 after purchasing an additional 74,256 shares during the last quarter. Fisher Asset Management LLC raised its position in Spotify Technology by 22.7% in the 2nd quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock valued at $1,909,920,000 after purchasing an additional 460,115 shares in the last quarter. Geode Capital Management LLC lifted its stake in Spotify Technology by 3.3% in the second quarter. Geode Capital Management LLC now owns 1,568,502 shares of the company’s stock worth $1,192,730,000 after acquiring an additional 49,377 shares during the last quarter. Invesco Ltd. grew its holdings in Spotify Technology by 17.3% during the 2nd quarter. Invesco Ltd. now owns 1,454,383 shares of the company’s stock worth $1,116,007,000 after acquiring an additional 214,355 shares in the last quarter. Finally, Edgewood Management LLC increased its position in shares of Spotify Technology by 14.4% in the 2nd quarter. Edgewood Management LLC now owns 1,249,791 shares of the company’s stock valued at $959,015,000 after purchasing an additional 157,567 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $505.04 on Monday. Spotify Technology has a one year low of $475.01 and a one year high of $785.00. The company has a market cap of $103.98 billion, a P/E ratio of 79.41, a PEG ratio of 0.96 and a beta of 1.66. The firm has a fifty day moving average of $582.72 and a two-hundred day moving average of $651.41.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, beating the consensus estimate of $1.87 by $1.96. The business had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.23 billion. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.45 earnings per share. As a group, equities analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SPOT shares. Wall Street Zen raised shares of Spotify Technology from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Argus initiated coverage on Spotify Technology in a research report on Monday, September 29th. They set a “buy” rating and a $845.00 price objective for the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Spotify Technology in a report on Monday, December 29th. Guggenheim lowered their target price on shares of Spotify Technology from $800.00 to $750.00 and set a “buy” rating for the company in a report on Thursday, January 8th. Finally, Erste Group Bank cut Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and an average target price of $743.90.

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.