Marks Group Wealth Management Inc Makes New $535,000 Investment in Spotify Technology S.A. (NYSE:SPOT)

Marks Group Wealth Management Inc purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, Holdings Channel.com reports. The fund purchased 1,196 shares of the company’s stock, valued at approximately $535,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SPOT. Prestige Wealth Management Group LLC purchased a new position in Spotify Technology during the third quarter worth about $26,000. Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology in the 3rd quarter worth approximately $33,000. Larson Financial Group LLC boosted its position in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the period. Quent Capital LLC increased its holdings in Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after purchasing an additional 57 shares during the last quarter. Finally, V Square Quantitative Management LLC purchased a new stake in Spotify Technology in the third quarter valued at approximately $40,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 2.9 %

Shares of Spotify Technology stock opened at $640.93 on Thursday. The company has a fifty day simple moving average of $499.71 and a 200-day simple moving average of $420.10. The stock has a market cap of $127.58 billion, a price-to-earnings ratio of 107.72 and a beta of 1.63. Spotify Technology S.A. has a 12-month low of $228.07 and a 12-month high of $648.27.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The firm had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the business posted $0.36 EPS. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, analysts forecast that Spotify Technology S.A. will post 9.69 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on SPOT shares. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $658.00 price objective (up from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Pivotal Research lifted their target price on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Wells Fargo & Company increased their price target on shares of Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. The Goldman Sachs Group lifted their price objective 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. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus 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.