WBI Investments LLC Buys 2,529 Shares of Spotify Technology S.A. (NYSE:SPOT)

WBI Investments LLC increased its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 264.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 3,484 shares of the company’s stock after acquiring an additional 2,529 shares during the quarter. WBI Investments LLC’s holdings in Spotify Technology were worth $1,559,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Thrivent Financial for Lutherans lifted its holdings in Spotify Technology by 566.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company’s stock worth $3,541,000 after acquiring an additional 6,782 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of Spotify Technology during the fourth quarter worth $1,335,575,000. Marks Group Wealth Management Inc bought a new position in Spotify Technology during the 4th quarter worth $535,000. Patriot Financial Group Insurance Agency LLC bought a new position in Spotify Technology in the 4th quarter valued at about $214,000. Finally, Swedbank AB boosted its stake in Spotify Technology by 20.9% in the fourth quarter. Swedbank AB now owns 946,129 shares of the company’s stock valued at $423,279,000 after buying an additional 163,626 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Loop Capital increased their price objective on shares of Spotify Technology from $435.00 to $550.00 and gave the stock a “hold” rating in a research report on Friday, May 2nd. Robert W. Baird boosted their price target on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Benchmark raised their target price on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Barclays reduced their price target on Spotify Technology from $710.00 to $650.00 and set an “overweight” rating for the company in a report on Wednesday, April 30th. Finally, Morgan Stanley boosted their price objective on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Eight research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $606.48.

Spotify Technology Trading Up 2.5%

NYSE:SPOT opened at $656.02 on Monday. Spotify Technology S.A. has a twelve month low of $288.07 and a twelve month high of $663.55. The firm has a 50-day moving average price of $585.62 and a two-hundred day moving average price of $534.52. The company has a market capitalization of $134.29 billion, a P/E ratio of 110.26 and a beta of 1.72.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 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 analyst estimates of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The business’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same period last year, the company posted $0.97 EPS. On average, equities research analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Spotify Technology Company 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.