Spotify Technology $SPOT Shares Purchased by SteelPeak Wealth LLC

SteelPeak Wealth LLC raised its holdings in Spotify Technology (NYSE:SPOT) by 68.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,734 shares of the company’s stock after acquiring an additional 1,519 shares during the quarter. SteelPeak Wealth LLC’s holdings in Spotify Technology were worth $2,606,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Knuff & Co LLC acquired a new position in Spotify Technology during the second quarter worth about $27,000. Heartwood Wealth Advisors LLC acquired a new stake in Spotify Technology during the 3rd quarter valued at $27,000. Total Investment Management Inc. purchased a new position in Spotify Technology in the 2nd quarter valued at about $29,000. Sound Income Strategies LLC raised its position in shares of Spotify Technology by 156.3% in the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after buying an additional 25 shares during the last quarter. Finally, Albion Financial Group UT lifted its stake in shares of Spotify Technology by 80.0% during the third quarter. Albion Financial Group UT now owns 45 shares of the company’s stock valued at $31,000 after buying an additional 20 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. BNP Paribas upgraded Spotify Technology to a “strong-buy” rating in a report on Tuesday, September 16th. Pivotal Research cut their price target on shares of Spotify Technology from $900.00 to $875.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Spotify Technology in a report on Monday. Cantor Fitzgerald raised their price objective on Spotify Technology from $640.00 to $675.00 and gave the stock a “neutral” rating in a report on Wednesday, November 5th. Finally, Wall Street Zen upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $760.23.

Spotify Technology Trading Down 1.2%

Spotify Technology stock opened at $573.88 on Friday. The stock has a 50 day moving average of $602.40 and a 200-day moving average of $665.84. The stock has a market cap of $118.16 billion, a P/E ratio of 90.23, a price-to-earnings-growth ratio of 1.04 and a beta of 1.66. Spotify Technology has a 52 week low of $451.43 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The business had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same period last year, the firm earned $1.45 earnings per share. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, equities analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Spotify Technology Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.