Marks Group Wealth Management Inc Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

Marks Group Wealth Management Inc acquired a new stake in Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,196 shares of the company’s stock, valued at approximately $535,000.

A number of other hedge funds also recently added to or reduced their stakes in SPOT. Prestige Wealth Management Group LLC bought a new position in shares of Spotify Technology during the third quarter valued at approximately $26,000. Hobbs Group Advisors LLC bought a new stake in shares of Spotify Technology in the 3rd quarter valued at about $33,000. Larson Financial Group LLC boosted its stake in Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after acquiring an additional 33 shares in the last quarter. Quent Capital LLC grew its stake in Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after buying an additional 57 shares during the last quarter. Finally, V Square Quantitative Management LLC purchased a new stake in shares of Spotify Technology during the third quarter worth about $40,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SPOT has been the subject of several research analyst reports. The Goldman Sachs Group increased their price objective on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Morgan Stanley increased their price objective on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Bank of America boosted their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Piper Sandler upped their price target on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Finally, Guggenheim boosted their price objective on Spotify Technology from $520.00 to $675.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $514.79.

Spotify Technology Price Performance

NYSE SPOT opened at $640.93 on Thursday. Spotify Technology S.A. has a 1-year low of $228.07 and a 1-year high of $648.27. The company has a market cap of $127.58 billion, a PE ratio of 107.72 and a beta of 1.63. The stock’s 50 day simple moving average is $499.71 and its 200-day simple moving average is $420.10.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period last year, the firm earned $0.36 EPS. On average, equities research analysts anticipate that Spotify Technology S.A. will post 9.69 EPS for the current fiscal year.

Spotify Technology Profile

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.