Spotify Technology S.A. (NYSE:SPOT) Position Increased by Integrated Wealth Concepts LLC

Integrated Wealth Concepts LLC raised its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 5.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 1,743 shares of the company’s stock after buying an additional 93 shares during the period. Integrated Wealth Concepts LLC’s holdings in Spotify Technology were worth $642,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of SPOT. Sequoia Financial Advisors LLC lifted its stake in Spotify Technology by 20.2% during the second quarter. Sequoia Financial Advisors LLC now owns 1,037 shares of the company’s stock valued at $325,000 after buying an additional 174 shares in the last quarter. Wedmont Private Capital lifted its position in shares of Spotify Technology by 29.5% in the second quarter. Wedmont Private Capital now owns 965 shares of the company’s stock worth $292,000 after purchasing an additional 220 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Spotify Technology by 8.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 4,683 shares of the company’s stock worth $1,469,000 after purchasing an additional 372 shares in the last quarter. Great Valley Advisor Group Inc. lifted its position in shares of Spotify Technology by 10.7% in the second quarter. Great Valley Advisor Group Inc. now owns 2,038 shares of the company’s stock worth $639,000 after purchasing an additional 197 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its position in shares of Spotify Technology by 121.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 7,399 shares of the company’s stock worth $2,322,000 after purchasing an additional 4,060 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 2.3 %

Shares of Spotify Technology stock opened at $471.56 on Wednesday. The company’s fifty day simple moving average is $418.31 and its 200-day simple moving average is $359.00. The company has a market cap of $93.86 billion, a price-to-earnings ratio of 128.15 and a beta of 1.61. Spotify Technology S.A. has a 1 year low of $185.37 and a 1 year high of $506.47.

Spotify Technology (NYSE:SPOT) last announced 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 during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company’s revenue was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.36 EPS. As a group, research analysts forecast that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Canaccord Genuity Group increased their price target on shares of Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Benchmark increased their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Evercore ISI increased their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Finally, Bank of America raised their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $429.96.

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.