Traynor Capital Management Inc. Takes Position in Spotify Technology $SPOT

Traynor Capital Management Inc. bought a new position in shares of Spotify Technology (NYSE:SPOT) during the 3rd quarter, HoldingsChannel reports. The fund bought 8,081 shares of the company’s stock, valued at approximately $5,640,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Knuff & Co LLC bought a new position in Spotify Technology in the 2nd quarter valued at about $27,000. Total Investment Management Inc. acquired a new stake in shares of Spotify Technology during the 2nd quarter worth approximately $29,000. Heartwood Wealth Advisors LLC bought a new position in Spotify Technology in the third quarter valued at approximately $27,000. Sound Income Strategies LLC increased its stake in Spotify Technology by 156.3% in the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after acquiring an additional 25 shares during the last quarter. Finally, Westfuller Advisors LLC bought a new stake in Spotify Technology during the third quarter worth $29,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT stock opened at $509.25 on Thursday. The stock has a market capitalization of $104.85 billion, a PE ratio of 80.07, a PEG ratio of 0.98 and a beta of 1.66. The business’s 50 day simple moving average is $562.22 and its 200 day simple moving average is $639.98. Spotify Technology has a one year low of $475.01 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The firm had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.23 billion. During the same quarter in the previous year, the company earned $1.45 EPS. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. As a group, research analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SPOT shares. Rosenblatt Securities reduced their price objective on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. Wells Fargo & Company dropped their price objective on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a research note on Tuesday, January 13th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. UBS Group cut their price objective on Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a report on Friday, January 9th. Finally, Cantor Fitzgerald lowered their target price on Spotify Technology from $675.00 to $615.00 and set a “neutral” rating for the company in a report on Thursday, January 8th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $730.94.

Spotify Technology Company Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.