Kestra Private Wealth Services LLC Grows Position in Spotify Technology S.A. (NYSE:SPOT)

Kestra Private Wealth Services LLC grew its stake in Spotify Technology S.A. (NYSE:SPOT) by 30.7% during the 4th quarter, Holdings Channel reports. The fund owned 1,412 shares of the company’s stock after acquiring an additional 332 shares during the period. Kestra Private Wealth Services LLC’s holdings in Spotify Technology were worth $632,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Prestige Wealth Management Group LLC acquired a new position in Spotify Technology in the 3rd quarter valued at about $26,000. Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology in the third quarter valued at approximately $33,000. Larson Financial Group LLC lifted its stake in shares of Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 shares during the period. V Square Quantitative Management LLC acquired a new stake in Spotify Technology during the third quarter worth approximately $40,000. Finally, Rakuten Securities Inc. grew its stake in Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after acquiring an additional 32 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

NYSE:SPOT opened at $637.75 on Friday. Spotify Technology S.A. has a one year low of $239.66 and a one year high of $652.63. The business’s 50-day simple moving average is $505.57 and its 200 day simple moving average is $423.21. The stock has a market cap of $126.94 billion, a price-to-earnings ratio of 107.18 and a beta of 1.63.

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

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SPOT. Rosenblatt Securities restated a “neutral” rating and set a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Guggenheim raised their price target on Spotify Technology from $520.00 to $675.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Morgan Stanley upped their price objective on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Citigroup raised their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Barclays upped their price target on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $529.43.

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.