478 Shares in Spotify Technology S.A. (NYSE:SPOT) Bought by Patriot Financial Group Insurance Agency LLC

Patriot Financial Group Insurance Agency LLC acquired a new stake in Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 478 shares of the company’s stock, valued at approximately $214,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Prestige Wealth Management Group LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter valued at about $26,000. Hobbs Group Advisors LLC acquired a new stake in Spotify Technology in the third quarter valued at approximately $33,000. Larson Financial Group LLC raised its stake in shares of Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the period. V Square Quantitative Management LLC acquired a new position in shares of Spotify Technology during the third quarter worth $40,000. Finally, Rakuten Securities Inc. boosted its stake in shares of Spotify Technology by 40.5% in the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after purchasing an additional 32 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SPOT. JPMorgan Chase & Co. raised their price objective on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. UBS Group increased their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Wells Fargo & Company boosted their target price on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, Barclays increased their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $446.21.

Spotify Technology Stock Performance

Shares of SPOT opened at $540.11 on Thursday. Spotify Technology S.A. has a one year low of $213.31 and a one year high of $543.86. The stock’s fifty day moving average is $476.28 and its 200-day moving average is $400.01. The firm has a market capitalization of $107.51 billion, a price-to-earnings ratio of 146.77 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). The company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 EPS. Analysts forecast that Spotify Technology S.A. will post 5.91 EPS for the current fiscal year.

About Spotify Technology

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.