B. Riley Wealth Advisors Inc. Acquires 560 Shares of Spotify Technology S.A. (NYSE:SPOT)

B. Riley Wealth Advisors Inc. lifted its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 40.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,933 shares of the company’s stock after purchasing an additional 560 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Spotify Technology were worth $716,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in SPOT. Transcendent Capital Group LLC bought a new stake in Spotify Technology in the second quarter valued at $25,000. Prestige Wealth Management Group LLC acquired a new stake in shares of Spotify Technology in the 3rd quarter valued at about $26,000. Benjamin Edwards Inc. increased its position in Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after buying an additional 58 shares in the last quarter. Hobbs Group Advisors LLC bought a new stake in Spotify Technology in the 3rd quarter valued at about $33,000. Finally, Asset Dedication LLC acquired a new position in Spotify Technology during the 2nd quarter worth approximately $35,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Pivotal Research raised their price objective on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Barclays lifted their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. KeyCorp upped their price objective on shares of Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Wells Fargo & Company lifted their price objective on shares of Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, Canaccord Genuity Group boosted their target price on shares of Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $429.96.

Spotify Technology Price Performance

NYSE:SPOT opened at $448.65 on Thursday. Spotify Technology S.A. has a 1 year low of $185.37 and a 1 year high of $506.47. The business has a fifty day simple moving average of $432.67 and a two-hundred day simple moving average of $366.87. The company has a market capitalization of $89.31 billion, a P/E ratio of 121.92 and a beta of 1.61.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company’s revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.36 earnings per share. As a group, analysts anticipate that Spotify Technology S.A. will post 6.02 earnings per share for the current 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.