Merit Financial Group LLC Invests $470,000 in Spotify Technology S.A. (NYSE:SPOT)

Merit Financial Group LLC acquired a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, Holdings Channel reports. The fund acquired 2,500 shares of the company’s stock, valued at approximately $470,000.

A number of other institutional investors have also recently bought and sold shares of the company. First Horizon Advisors Inc. increased its holdings in shares of Spotify Technology by 195.0% in the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after acquiring an additional 117 shares in the last quarter. Pinnacle Bancorp Inc. acquired a new position in shares of Spotify Technology in the 4th quarter valued at approximately $29,000. GAMMA Investing LLC bought a new stake in Spotify Technology during the 4th quarter worth approximately $32,000. Lindbrook Capital LLC raised its holdings in Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after buying an additional 50 shares during the period. Finally, Beaird Harris Wealth Management LLC lifted its stake in Spotify Technology by 2,540.0% in the third quarter. Beaird Harris Wealth Management LLC now owns 264 shares of the company’s stock valued at $41,000 after buying an additional 254 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Macquarie increased their price objective on shares of Spotify Technology from $300.00 to $330.00 and gave the stock an “outperform” rating in a research report on Monday, April 22nd. Morgan Stanley increased their target price on Spotify Technology from $270.00 to $350.00 and gave the stock an “overweight” rating in a report on Monday, April 22nd. Rosenblatt Securities boosted their price target on Spotify Technology from $315.00 to $396.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Pivotal Research increased their price objective on Spotify Technology from $390.00 to $400.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. lifted their target price on Spotify Technology from $320.00 to $365.00 and gave the company an “overweight” rating in a research report on Wednesday, April 24th. Eight research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $306.42.

Spotify Technology Trading Down 0.4 %

Shares of NYSE SPOT opened at $298.21 on Wednesday. Spotify Technology S.A. has a 12 month low of $129.23 and a 12 month high of $319.30. The stock has a 50 day moving average of $277.33 and a 200-day moving average of $226.31. The company has a market capitalization of $56.72 billion, a P/E ratio of -445.08 and a beta of 1.61.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. The firm had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same period in the previous year, the business posted ($1.24) earnings per share. Analysts predict that Spotify Technology S.A. will post 4.78 EPS for the current fiscal year.

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.