Spotify Technology S.A. (NYSE:SPOT) Shares Acquired by Geneva Partners LLC

Geneva Partners LLC lifted its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 132.6% in the fourth quarter, Holdings Channel reports. The firm owned 10,718 shares of the company’s stock after buying an additional 6,111 shares during the period. Spotify Technology accounts for about 1.9% of Geneva Partners LLC’s investment portfolio, making the stock its 19th largest position. Geneva Partners LLC’s holdings in Spotify Technology were worth $4,795,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Prestige Wealth Management Group LLC purchased a new position in Spotify Technology during the third quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology during the 3rd quarter valued at about $33,000. Larson Financial Group LLC raised its stake 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. V Square Quantitative Management LLC acquired a new position in shares of Spotify Technology in the 3rd quarter worth approximately $40,000. Finally, Rakuten Securities Inc. increased its holdings in Spotify Technology by 40.5% in the 3rd 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 last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on SPOT. Wells Fargo & Company upped their price target on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research note on Wednesday. TD Cowen lifted their price objective on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. Macquarie increased their target price on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Guggenheim boosted their price target on shares of Spotify Technology from $520.00 to $675.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. One investment 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $509.61.

Spotify Technology Trading Up 0.5 %

Shares of Spotify Technology stock opened at $625.04 on Thursday. The company has a 50-day moving average of $488.02 and a two-hundred day moving average of $410.89. Spotify Technology S.A. has a 12-month low of $227.52 and a 12-month high of $630.77. The stock has a market cap of $124.41 billion, a PE ratio of 169.85 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.36 earnings per share. On average, sell-side 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.