RPg Family Wealth Advisory LLC Invests $8.45 Million in Spotify Technology $SPOT

RPg Family Wealth Advisory LLC acquired a new stake in Spotify Technology (NYSE:SPOT) during the third quarter, according to its most recent filing with the SEC. The firm acquired 12,108 shares of the company’s stock, valued at approximately $8,451,000. Spotify Technology comprises approximately 1.9% of RPg Family Wealth Advisory LLC’s holdings, making the stock its 16th largest holding.

Other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new stake in Spotify Technology during the 2nd quarter worth $768,915,000. Principal Financial Group Inc. boosted its position in shares of Spotify Technology by 3,534.9% in the 3rd quarter. Principal Financial Group Inc. now owns 571,474 shares of the company’s stock worth $398,889,000 after purchasing an additional 555,752 shares during the last quarter. Fisher Asset Management LLC boosted its position in shares of Spotify Technology by 22.7% in the 2nd quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock worth $1,909,920,000 after purchasing an additional 460,115 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Spotify Technology by 41.8% during the second quarter. Franklin Resources Inc. now owns 1,131,099 shares of the company’s stock worth $867,937,000 after purchasing an additional 333,537 shares during the period. Finally, Brown Advisory Inc. increased its holdings in Spotify Technology by 931.2% in the second quarter. Brown Advisory Inc. now owns 362,853 shares of the company’s stock valued at $278,456,000 after purchasing an additional 327,667 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

SPOT opened at $518.99 on Wednesday. The company has a market capitalization of $106.82 billion, a price-to-earnings ratio of 53.84, a P/E/G ratio of 1.11 and a beta of 1.66. The business’s 50-day moving average price is $509.97 and its two-hundred day moving average price is $604.17. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.16 by $2.00. The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.Spotify Technology’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.88 EPS. Sell-side analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Weiss Ratings cut Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, February 26th. Phillip Securities raised shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research note on Monday, November 10th. Cantor Fitzgerald lowered their target price on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a research note on Wednesday, February 11th. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and cut their target price for the stock from $735.00 to $700.00 in a report on Friday, January 23rd. Finally, Rosenblatt Securities decreased their price target on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $698.91.

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.