Kingswood Wealth Advisors LLC Grows Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Kingswood Wealth Advisors LLC boosted its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 8.0% in the 4th quarter, Holdings Channel.com reports. The fund owned 4,442 shares of the company’s stock after purchasing an additional 328 shares during the period. Kingswood Wealth Advisors LLC’s holdings in Spotify Technology were worth $1,987,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Thrivent Financial for Lutherans increased its stake in shares of Spotify Technology by 7.4% in the second quarter. Thrivent Financial for Lutherans now owns 5,654 shares of the company’s stock worth $1,774,000 after buying an additional 391 shares during the period. Point72 DIFC Ltd boosted its holdings in shares of Spotify Technology by 918.2% during the second quarter. Point72 DIFC Ltd now owns 93,403 shares of the company’s stock worth $29,309,000 after purchasing an additional 84,230 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Spotify Technology by 5.2% in the second quarter. The Manufacturers Life Insurance Company now owns 1,892 shares of the company’s stock worth $594,000 after purchasing an additional 94 shares during the last quarter. Mackenzie Financial Corp increased its holdings in Spotify Technology by 33.1% during the 2nd quarter. Mackenzie Financial Corp now owns 3,056 shares of the company’s stock valued at $959,000 after purchasing an additional 760 shares during the period. Finally, Algert Global LLC increased its holdings in Spotify Technology by 46.8% during the 2nd quarter. Algert Global LLC now owns 1,494 shares of the company’s stock valued at $469,000 after purchasing an additional 476 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Rosenblatt Securities upped their price target on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Canaccord Genuity Group lifted their target price 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. Piper Sandler raised their price target on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. raised their price target on Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One investment 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 stock presently has an average rating of “Moderate Buy” and an average price target of $441.21.

Spotify Technology Stock Up 0.6 %

SPOT opened at $513.54 on Tuesday. Spotify Technology S.A. has a 52 week low of $213.31 and a 52 week high of $516.58. The business has a fifty day simple moving average of $473.74 and a 200-day simple moving average of $396.89. The firm has a market cap of $102.22 billion, a P/E ratio of 139.55 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS 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 firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the prior year, the company posted $0.36 earnings per share. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. Sell-side analysts expect that Spotify Technology S.A. will post 5.91 earnings per share for the current year.

Spotify Technology 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.