Mpwm Advisory Solutions LLC Acquires New Stake in Spotify Technology S.A. (NYSE:SPOT)

Mpwm Advisory Solutions LLC acquired a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 57 shares of the company’s stock, valued at approximately $26,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Spotify Technology by 311.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 842,745 shares of the company’s stock worth $377,027,000 after purchasing an additional 638,047 shares in the last quarter. Voloridge Investment Management LLC increased its holdings in shares of Spotify Technology by 208.6% in the 4th quarter. Voloridge Investment Management LLC now owns 173,336 shares of the company’s stock worth $77,547,000 after purchasing an additional 117,163 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new stake in shares of Spotify Technology in the 4th quarter worth $34,628,000. Vident Advisory LLC increased its holdings in shares of Spotify Technology by 2.4% in the 4th quarter. Vident Advisory LLC now owns 5,354 shares of the company’s stock worth $2,395,000 after purchasing an additional 124 shares in the last quarter. Finally, Sphera Management Technology Funds Ltd bought a new stake in shares of Spotify Technology in the 4th quarter worth $895,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 0.9%

Shares of Spotify Technology stock opened at $658.52 on Wednesday. The stock’s 50-day simple moving average is $590.56 and its 200-day simple moving average is $537.33. Spotify Technology S.A. has a 52 week low of $288.07 and a 52 week high of $669.00. The company has a market capitalization of $134.80 billion, a price-to-earnings ratio of 110.68 and a beta of 1.72.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The business had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. During the same quarter in the previous year, the firm earned $0.97 earnings per share. Spotify Technology’s revenue was up 15.2% on a year-over-year basis. On average, equities analysts expect that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have commented on SPOT shares. JPMorgan Chase & Co. lifted their target price on Spotify Technology from $640.00 to $670.00 and gave the stock an “overweight” rating in a report on Wednesday, April 30th. The Goldman Sachs Group raised their price target on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Wolfe Research upgraded Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 price target on the stock in a research note on Monday, April 21st. Cantor Fitzgerald dropped their price target on Spotify Technology from $600.00 to $520.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. Finally, Rosenblatt Securities dropped their price target on Spotify Technology from $658.00 to $657.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 30th. Eight equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $609.07.

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.