Axxcess Wealth Management LLC Makes New $238,000 Investment in Spotify Technology S.A. (NYSE:SPOT)

Axxcess Wealth Management LLC bought a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 901 shares of the company’s stock, valued at approximately $238,000.

Several other hedge funds have also recently bought and sold shares of the stock. GQG Partners LLC acquired a new stake in Spotify Technology during the 1st quarter worth approximately $610,040,000. Artisan Partners Limited Partnership raised its holdings in Spotify Technology by 24.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock worth $263,226,000 after buying an additional 277,733 shares during the period. Vanguard Group Inc. raised its holdings in Spotify Technology by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock worth $161,645,000 after buying an additional 23,675 shares during the period. TD Asset Management Inc raised its holdings in Spotify Technology by 2.4% during the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock worth $135,339,000 after buying an additional 12,192 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Spotify Technology by 28.1% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 501,072 shares of the company’s stock worth $132,233,000 after buying an additional 109,776 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Down 2.1 %

SPOT opened at $321.88 on Friday. The company’s 50 day moving average price is $310.88 and its two-hundred day moving average price is $277.48. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.42. Spotify Technology S.A. has a fifty-two week low of $129.23 and a fifty-two week high of $346.23. The firm has a market capitalization of $64.07 billion, a price-to-earnings ratio of -480.41, a PEG ratio of 0.74 and a beta of 1.59.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same period in the prior year, the firm posted ($1.69) EPS. The company’s quarterly revenue was up 19.8% on a year-over-year basis. As a group, research analysts predict that Spotify Technology S.A. will post 5.88 earnings per share for the current year.

Wall Street Analyst Weigh In

SPOT has been the topic of several research analyst reports. Rosenblatt Securities raised their target price on shares of Spotify Technology from $396.00 to $399.00 and gave the stock a “buy” rating in a report on Wednesday. Loop Capital lifted their price objective on shares of Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a research report on Monday, April 22nd. Wolfe Research began coverage on shares of Spotify Technology in a research report on Friday, July 12th. They issued an “outperform” rating and a $390.00 price objective for the company. KeyCorp lifted their target price on shares of Spotify Technology from $400.00 to $410.00 and gave the stock an “overweight” rating in a report on Wednesday, July 10th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $320.00 target price (up previously from $300.00) on shares of Spotify Technology in a report on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $353.15.

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.