Texas Capital Bank Wealth Management Services Inc Buys Shares of 1,264 Spotify Technology $SPOT

Texas Capital Bank Wealth Management Services Inc purchased a new position in Spotify Technology (NYSE:SPOT) in the 3rd quarter, Holdings Channel reports. The institutional investor purchased 1,264 shares of the company’s stock, valued at approximately $882,000.

Other hedge funds also recently modified their holdings of the company. Sage Mountain Advisors LLC lifted its holdings in shares of Spotify Technology by 6.3% during the 3rd quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock valued at $201,000 after purchasing an additional 17 shares in the last quarter. Fullerton Fund Management Co Ltd. increased its stake in Spotify Technology by 7.0% during the 2nd quarter. Fullerton Fund Management Co Ltd. now owns 276 shares of the company’s stock worth $212,000 after purchasing an additional 18 shares in the last quarter. Granite Group Advisors LLC increased its stake in Spotify Technology by 2.6% during the 3rd quarter. Granite Group Advisors LLC now owns 756 shares of the company’s stock worth $528,000 after purchasing an additional 19 shares in the last quarter. Ameritas Advisory Services LLC raised its holdings in Spotify Technology by 7.9% during the 3rd quarter. Ameritas Advisory Services LLC now owns 260 shares of the company’s stock worth $181,000 after buying an additional 19 shares during the period. Finally, Aprio Wealth Management LLC raised its holdings in Spotify Technology by 3.1% during the 3rd quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock worth $442,000 after buying an additional 19 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Up 1.3%

NYSE:SPOT opened at $516.14 on Friday. The stock has a market capitalization of $106.26 billion, a PE ratio of 53.54, a P/E/G ratio of 1.11 and a beta of 1.66. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The firm has a fifty day simple moving average of $502.35 and a 200 day simple moving average of $596.07.

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

Wall Street Analysts Forecast Growth

SPOT has been the subject of several research reports. Citizens Jmp initiated coverage on shares of Spotify Technology in a research report on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price objective for the company. Cantor Fitzgerald cut their price objective on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 11th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. Pivotal Research cut Spotify Technology from a “buy” rating to a “hold” rating and lowered their target price for the stock from $875.00 to $420.00 in a report on Wednesday, February 11th. Finally, Benchmark dropped their price target on Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research note on Friday, January 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $703.87.

Spotify Technology Company 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.