Spotify Technology S.A. (NYSE:SPOT) Shares Bought by WealthPLAN Partners LLC

WealthPLAN Partners LLC boosted its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 200.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,071 shares of the company’s stock after buying an additional 4,714 shares during the period. WealthPLAN Partners LLC’s holdings in Spotify Technology were worth $2,225,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Fifth Third Bancorp increased its position in Spotify Technology by 28.6% during the third quarter. Fifth Third Bancorp now owns 225 shares of the company’s stock worth $55,000 after buying an additional 50 shares during the period. Lindbrook Capital LLC increased its position in Spotify Technology by 40.3% during the third quarter. Lindbrook Capital LLC now owns 195 shares of the company’s stock worth $47,000 after buying an additional 56 shares during the period. Institutional & Family Asset Management LLC increased its position in Spotify Technology by 131.1% during the third quarter. Institutional & Family Asset Management LLC now owns 104 shares of the company’s stock worth $25,000 after buying an additional 59 shares during the period. IFP Advisors Inc grew its stake in shares of Spotify Technology by 113.2% in the 3rd quarter. IFP Advisors Inc now owns 113 shares of the company’s stock valued at $26,000 after purchasing an additional 60 shares during the last quarter. Finally, Benjamin Edwards Inc. grew its stake in shares of Spotify Technology by 142.6% in the 3rd quarter. Benjamin Edwards Inc. now owns 114 shares of the company’s stock valued at $28,000 after purchasing an additional 67 shares during the last quarter. 55.93% of the stock is currently owned by institutional investors.

Spotify Technology stock traded down $19.94 during trading on Tuesday, hitting $329.97. The company’s stock had a trading volume of 127,237 shares, compared to its average volume of 1,654,596. The stock has a market capitalization of $59.15 billion, a price-to-earnings ratio of -73.50 and a beta of 1.64. The stock’s fifty day moving average is $334.09 and its 200 day moving average is $287.67. Spotify Technology S.A. has a 1-year low of $109.18 and a 1-year high of $387.44.

Spotify Technology (NYSE:SPOT) last released its earnings results on Wednesday, February 3rd. The company reported ($0.66) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.76) by $0.10. The firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.15 billion. Spotify Technology had a negative return on equity of 30.46% and a negative net margin of 8.73%. The business’s quarterly revenue was up 16.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.14) earnings per share. Equities research analysts forecast that Spotify Technology S.A. will post -3.71 EPS for the current fiscal year.

Several research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their target price on Spotify Technology from $240.00 to $250.00 and gave the company a “hold” rating in a research note on Tuesday, October 27th. Morgan Stanley lifted their target price on Spotify Technology from $300.00 to $350.00 and gave the company an “overweight” rating in a research note on Thursday, December 17th. Loop Capital lifted their target price on Spotify Technology from $200.00 to $310.00 and gave the company a “hold” rating in a research note on Thursday, February 4th. They noted that the move was a valuation call. Citigroup restated a “sell” rating and issued a $310.00 price target (up from $270.00) on shares of Spotify Technology in a research note on Friday, January 15th. Finally, Atlantic Securities downgraded Spotify Technology from an “overweight” rating to a “neutral” rating in a research note on Tuesday. Seven equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $285.85.

Spotify Technology Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming services in the United States, the United Kingdom, Luxembourg, and internationally. It operates through two segments, Premium and Ad-Supported. The company offers unlimited online and offline high-quality streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

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