City Center Advisors LLC Makes New $374,000 Investment in Spotify Technology S.A. (NYSE:SPOT)

City Center Advisors LLC purchased a new stake in Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 837 shares of the company’s stock, valued at approximately $374,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Prestige Wealth Management Group LLC acquired a new position in Spotify Technology in the third quarter valued at about $26,000. Benjamin Edwards Inc. increased its stake in shares of 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 acquiring an additional 58 shares during the last quarter. 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 raised its position in shares of Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after acquiring an additional 33 shares during the period. Finally, Ashton Thomas Private Wealth LLC bought a new position in Spotify Technology during the 2nd quarter worth approximately $39,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Down 4.2 %

Shares of Spotify Technology stock opened at $459.82 on Monday. Spotify Technology S.A. has a 12-month low of $191.88 and a 12-month high of $506.47. The business’s 50 day moving average is $460.14 and its 200-day moving average is $384.72. The stock has a market cap of $91.53 billion, a P/E ratio of 124.95 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last posted its quarterly 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). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same period last year, the company posted $0.36 earnings per share. The business’s revenue was up 18.8% compared to the same quarter last year. On average, sell-side analysts expect that Spotify Technology S.A. will post 6.02 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Barclays upped their target price on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Canaccord Genuity Group raised their price objective on Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Wells Fargo & Company lifted their target price on Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Pivotal Research increased their price target on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Phillip Securities reiterated an “accumulate” rating and set a $485.00 price objective (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $433.36.

Spotify Technology Company 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.