Brookstone Capital Management Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

Brookstone Capital Management purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 1,219 shares of the company’s stock, valued at approximately $229,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. First Horizon Advisors Inc. raised its position in shares of Spotify Technology by 195.0% during the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after purchasing an additional 117 shares during the period. Quarry LP purchased a new stake in Spotify Technology in the 2nd quarter valued at $35,000. First Manhattan Co. grew its stake in Spotify Technology by 65.8% in the 1st quarter. First Manhattan Co. now owns 252 shares of the company’s stock valued at $38,000 after purchasing an additional 100 shares during the period. Beaird Harris Wealth Management LLC grew its stake in Spotify Technology by 2,540.0% in the 3rd quarter. Beaird Harris Wealth Management LLC now owns 264 shares of the company’s stock valued at $41,000 after purchasing an additional 254 shares during the period. Finally, Impact Partnership Wealth LLC bought a new position in Spotify Technology in the 3rd quarter valued at $43,000. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Morgan Stanley upped their price objective on Spotify Technology from $250.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, February 7th. Pivotal Research upped their price objective on Spotify Technology from $265.00 to $330.00 and gave the company a “buy” rating in a research note on Tuesday, February 6th. Wells Fargo & Company increased their price target on Spotify Technology from $250.00 to $280.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 31st. DZ Bank upgraded Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price target for the company in a research note on Wednesday, February 7th. Finally, The Goldman Sachs Group increased their price target on Spotify Technology from $171.00 to $195.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 9th. Six investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $235.36.

Spotify Technology Stock Down 1.0 %

NYSE:SPOT opened at $260.21 on Thursday. The business’s 50-day moving average price is $241.86 and its two-hundred day moving average price is $198.29. Spotify Technology S.A. has a twelve month low of $126.83 and a twelve month high of $278.30. The stock has a market cap of $51.61 billion, a P/E ratio of -87.91 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.01. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the firm posted ($1.43) EPS. The company’s revenue was up 16.0% compared to the same quarter last year. On average, equities research analysts expect that Spotify Technology S.A. will post 3.53 EPS for the current fiscal year.

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.