Spire Wealth Management Trims Position in Spotify Technology $SPOT

Spire Wealth Management decreased its holdings in shares of Spotify Technology (NYSE:SPOT) by 90.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 688 shares of the company’s stock after selling 6,425 shares during the quarter. Spire Wealth Management’s holdings in Spotify Technology were worth $400,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Sivia Capital Partners LLC purchased a new position in Spotify Technology during the second quarter worth about $312,000. Lido Advisors LLC grew its holdings in Spotify Technology by 10.3% in the 2nd quarter. Lido Advisors LLC now owns 2,608 shares of the company’s stock valued at $2,001,000 after buying an additional 244 shares during the period. VestGen Advisors LLC grew its holdings in Spotify Technology by 5.0% in the 2nd quarter. VestGen Advisors LLC now owns 694 shares of the company’s stock valued at $533,000 after buying an additional 33 shares during the period. Westerkirk Capital Inc. acquired a new position in shares of Spotify Technology during the 2nd quarter valued at about $872,000. Finally, Pinkerton Wealth LLC acquired a new position in shares of Spotify Technology during the 2nd quarter valued at about $876,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on SPOT shares. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $735.00 to $700.00 in a research report on Friday, January 23rd. Wells Fargo & Company dropped their price target on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Guggenheim cut their price target on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Sanford C. Bernstein decreased their price target on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a report on Wednesday, January 14th. Finally, Weiss Ratings cut shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, February 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $699.00.

Spotify Technology Price Performance

NYSE SPOT opened at $471.55 on Thursday. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The firm has a market capitalization of $97.08 billion, a P/E ratio of 48.92, a P/E/G ratio of 1.06 and a beta of 1.66. The business’s 50-day simple moving average is $490.49 and its 200-day simple moving average is $576.36.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The firm had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the company earned $1.88 EPS. The company’s revenue was up 6.8% on a year-over-year basis. On average, equities research analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

About Spotify Technology

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.