Merit Financial Group LLC Makes New $470,000 Investment in Spotify Technology S.A. (NYSE:SPOT)

Merit Financial Group LLC bought a new stake in Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,500 shares of the company’s stock, valued at approximately $470,000.

Several other large investors have also modified their holdings of SPOT. Pinnacle Bancorp Inc. purchased a new stake in Spotify Technology in the 4th quarter valued at approximately $29,000. GAMMA Investing LLC acquired a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $32,000. First Horizon Advisors Inc. boosted its stake in shares of Spotify Technology by 195.0% in the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after buying an additional 117 shares in the last quarter. Lindbrook Capital LLC grew its holdings in Spotify Technology by 32.3% during the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after acquiring an additional 50 shares during the period. Finally, Beaird Harris Wealth Management LLC raised its position in Spotify Technology by 2,540.0% in the third quarter. Beaird Harris Wealth Management LLC now owns 264 shares of the company’s stock worth $41,000 after acquiring an additional 254 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

SPOT stock opened at $298.21 on Wednesday. The firm has a fifty day moving average price of $277.33 and a two-hundred day moving average price of $226.31. Spotify Technology S.A. has a 1-year low of $129.23 and a 1-year high of $319.30. The firm has a market cap of $56.72 billion, a price-to-earnings ratio of -445.08 and a beta of 1.61.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.63 by $0.42. The company had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.87 billion. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. During the same period in the prior year, the company earned ($1.24) earnings per share. As a group, analysts expect that Spotify Technology S.A. will post 4.78 EPS for the current fiscal year.

Analysts Set New Price Targets

SPOT has been the subject of a number of research reports. Loop Capital lifted their price target on shares of Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a research report on Monday, April 22nd. Canaccord Genuity Group boosted their target price on Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Deutsche Bank Aktiengesellschaft raised their price target on Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. HSBC boosted their price objective on shares of Spotify Technology from $310.00 to $355.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Finally, Pivotal Research raised their target price on shares of Spotify Technology from $390.00 to $400.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Eight investment analysts have rated the stock with a hold rating and nineteen 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 an average target price of $306.42.

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.