Moran Wealth Management LLC Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

Moran Wealth Management LLC purchased a new position in Spotify Technology S.A. (NYSE:SPOT) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 35,920 shares of the company’s stock, valued at approximately $13,238,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Avantax Advisory Services Inc. acquired a new stake in Spotify Technology during the first quarter valued at $218,000. Vanguard Group Inc. lifted its stake in Spotify Technology by 4.0% in the first quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock valued at $161,645,000 after acquiring an additional 23,675 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its stake in Spotify Technology by 586.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 9,006 shares of the company’s stock valued at $2,377,000 after acquiring an additional 7,694 shares during the last quarter. Clearbridge Investments LLC grew its position in Spotify Technology by 0.6% in the first quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock worth $1,819,000 after acquiring an additional 38 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Spotify Technology during the 1st quarter worth $215,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 0.2 %

Shares of NYSE SPOT traded up $0.98 during midday trading on Wednesday, reaching $464.81. 493,597 shares of the company’s stock traded hands, compared to its average volume of 1,937,991. The company has a market cap of $92.52 billion, a price-to-earnings ratio of 127.82 and a beta of 1.56. Spotify Technology S.A. has a one year low of $178.01 and a one year high of $489.69. The stock’s 50 day simple moving average is $383.50 and its 200-day simple moving average is $340.92.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). The company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.36 earnings per share. Equities analysts predict that Spotify Technology S.A. will post 6.09 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on SPOT. Guggenheim raised their target price on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Evercore ISI boosted their target price on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. TD Cowen increased their price target on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. Barclays lifted their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, Canaccord Genuity Group raised their target price on shares of Spotify Technology from $475.00 to $525.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $421.69.

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.