Wesbanco Bank Inc. Increases Holdings in Spotify Technology S.A. (NYSE:SPOT)

Wesbanco Bank Inc. boosted its stake in Spotify Technology S.A. (NYSE:SPOT) by 18.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,582 shares of the company’s stock after purchasing an additional 1,021 shares during the period. Wesbanco Bank Inc.’s holdings in Spotify Technology were worth $2,945,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Prestige Wealth Management Group LLC acquired a new stake in Spotify Technology during the 3rd quarter valued at $26,000. Hobbs Group Advisors LLC purchased a new position in Spotify Technology in the 3rd quarter valued at about $33,000. Larson Financial Group LLC grew its stake in shares of Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after acquiring an additional 33 shares in the last quarter. V Square Quantitative Management LLC purchased a new stake in shares of Spotify Technology during the third quarter worth about $40,000. Finally, Rakuten Securities Inc. lifted its stake in shares of Spotify Technology by 40.5% in the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after acquiring an additional 32 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. The Goldman Sachs Group raised their price objective on Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Macquarie lifted their price target on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a report on Monday, October 7th. Barclays raised their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, Rosenblatt Securities upped their target price on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $441.21.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $500.85 on Friday. Spotify Technology S.A. has a 1-year low of $209.18 and a 1-year high of $510.84. The business’s fifty day moving average price is $472.22 and its two-hundred day moving average price is $393.55. The company has a market capitalization of $99.69 billion, a P/E ratio of 136.10 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the prior year, the firm earned $0.36 earnings per share. Spotify Technology’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, research analysts expect that Spotify Technology S.A. will post 5.91 earnings per share for the current fiscal year.

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.