Wealth Advisors of Tampa Bay LLC Purchases New Stake in Spotify Technology $SPOT

Wealth Advisors of Tampa Bay LLC purchased a new stake in shares of Spotify Technology (NYSE:SPOT) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,613 shares of the company’s stock, valued at approximately $1,824,000.

Other institutional investors also recently bought and sold shares of the company. Main Street Research LLC increased its position in shares of Spotify Technology by 1.2% in the third quarter. Main Street Research LLC now owns 50,422 shares of the company’s stock worth $35,195,000 after acquiring an additional 603 shares in the last quarter. Nicolet Advisory Services LLC lifted its holdings in shares of Spotify Technology by 11.2% during the 3rd quarter. Nicolet Advisory Services LLC now owns 575 shares of the company’s stock valued at $391,000 after acquiring an additional 58 shares in the last quarter. Pinnbrook Capital Management LP boosted its position in Spotify Technology by 112.7% during the 3rd quarter. Pinnbrook Capital Management LP now owns 17,695 shares of the company’s stock worth $12,351,000 after purchasing an additional 9,377 shares during the period. Quinn Opportunity Partners LLC purchased a new stake in Spotify Technology during the 3rd quarter worth $8,167,000. Finally, Brown Brothers Harriman & Co. increased its holdings in Spotify Technology by 312.2% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 305 shares of the company’s stock valued at $213,000 after purchasing an additional 231 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $516.14 on Friday. The stock has a market capitalization of $106.26 billion, a price-to-earnings ratio of 53.54, a PEG ratio of 1.11 and a beta of 1.66. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The company’s 50-day simple moving average is $502.35 and its 200-day simple moving average is $596.07.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The firm had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period in the previous year, the company earned $1.88 earnings per share. Spotify Technology’s quarterly revenue was up 6.8% on a year-over-year basis. As a group, research analysts forecast that Spotify Technology will post 10.3 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on SPOT shares. Citigroup raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective on the stock in a research report on Friday, January 30th. KeyCorp lowered their target price on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a research note on Monday, February 9th. Cantor Fitzgerald dropped their target price on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a report on Wednesday, February 11th. Barclays boosted their price target on Spotify Technology from $625.00 to $650.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 11th. Finally, Arete Research upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target for the company in a report on Thursday, February 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $703.87.

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.