2,613 Shares in Spotify Technology $SPOT Bought by Wealth Advisors of Tampa Bay LLC

Wealth Advisors of Tampa Bay LLC bought a new stake in shares of Spotify Technology (NYSE:SPOT) in the 3rd quarter, HoldingsChannel reports. The fund bought 2,613 shares of the company’s stock, valued at approximately $1,824,000.

A number of other large investors also recently modified their holdings of the business. Sivia Capital Partners LLC acquired a new position in shares of Spotify Technology in the 2nd quarter valued at about $312,000. AE Wealth Management LLC raised its stake in Spotify Technology by 11.7% during the second quarter. AE Wealth Management LLC now owns 600 shares of the company’s stock worth $461,000 after acquiring an additional 63 shares during the period. Allworth Financial LP raised its stake in Spotify Technology by 31.1% during the second quarter. Allworth Financial LP now owns 536 shares of the company’s stock worth $412,000 after acquiring an additional 127 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Spotify Technology by 17.4% in the second quarter. PNC Financial Services Group Inc. now owns 20,756 shares of the company’s stock worth $15,927,000 after acquiring an additional 3,082 shares during the last quarter. Finally, Fiera Capital Corp lifted its holdings in Spotify Technology by 22.2% in the second quarter. Fiera Capital Corp now owns 10,222 shares of the company’s stock worth $7,844,000 after acquiring an additional 1,856 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Up 1.3%

SPOT stock opened at $516.14 on Friday. The company has a 50-day simple moving average of $502.35 and a 200 day simple moving average of $596.07. The company has a market capitalization of $106.26 billion, a P/E ratio of 53.54, a PEG ratio of 1.11 and a beta of 1.66. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The firm had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the company earned $1.88 EPS. Spotify Technology’s quarterly revenue was up 6.8% on a year-over-year basis. Equities analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently commented on SPOT. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and lowered their target price for the company from $735.00 to $700.00 in a report on Friday, January 23rd. Citizens Jmp initiated coverage on Spotify Technology in a report on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 price target on the stock. Benchmark reduced their price objective on Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a research report on Friday, January 16th. Erste Group Bank downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. Finally, Cantor Fitzgerald dropped their target price on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus target price of $703.87.

About Spotify Technology

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.