Impact Partnership Wealth LLC Buys Shares of 1,304 Spotify Technology $SPOT

Impact Partnership Wealth LLC bought a new stake in shares of Spotify Technology (NYSE:SPOT) during the 2nd quarter, HoldingsChannel.com reports. The firm bought 1,304 shares of the company’s stock, valued at approximately $1,001,000.

A number of other hedge funds have also modified their holdings of SPOT. Amalgamated Bank increased its stake in shares of Spotify Technology by 4.0% in the first quarter. Amalgamated Bank now owns 10,708 shares of the company’s stock worth $5,890,000 after acquiring an additional 408 shares during the last quarter. Vontobel Holding Ltd. increased its stake in shares of Spotify Technology by 79.0% in the first quarter. Vontobel Holding Ltd. now owns 29,107 shares of the company’s stock worth $16,010,000 after acquiring an additional 12,847 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Spotify Technology by 1.9% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 15,358 shares of the company’s stock worth $8,447,000 after acquiring an additional 291 shares during the last quarter. Fedenia Advisers LLC increased its stake in shares of Spotify Technology by 70.5% in the first quarter. Fedenia Advisers LLC now owns 1,777 shares of the company’s stock worth $977,000 after acquiring an additional 735 shares during the last quarter. Finally, Aaron Wealth Advisors LLC increased its stake in shares of Spotify Technology by 50.1% in the first quarter. Aaron Wealth Advisors LLC now owns 920 shares of the company’s stock worth $506,000 after acquiring an additional 307 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Price Performance

SPOT stock opened at $666.97 on Thursday. Spotify Technology has a 52-week low of $376.04 and a 52-week high of $785.00. The company has a 50-day moving average of $693.07 and a two-hundred day moving average of $679.75. The stock has a market capitalization of $136.54 billion, a price-to-earnings ratio of 161.89, a price-to-earnings-growth ratio of 3.11 and a beta of 1.67.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.00 by ($2.42). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The firm had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter last year, the company earned $1.33 earnings per share. The firm’s revenue was up 10.1% on a year-over-year basis. Equities analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on SPOT shares. UBS Group dropped their price target on shares of Spotify Technology from $895.00 to $850.00 and set a “buy” rating on the stock in a research note on Wednesday, July 30th. Wells Fargo & Company increased their target price on shares of Spotify Technology from $740.00 to $750.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 29th. BNP Paribas raised shares of Spotify Technology to a “strong-buy” rating in a research report on Tuesday, September 16th. Benchmark lowered their target price on shares of Spotify Technology from $840.00 to $800.00 and set a “buy” rating on the stock in a research report on Wednesday, July 30th. Finally, Argus began coverage on shares of Spotify Technology in a research report on Monday, September 29th. They set a “buy” rating and a $845.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $731.81.

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.