Precision Wealth Strategies LLC Purchases 181 Shares of Spotify Technology S.A. (NYSE:SPOT)

Precision Wealth Strategies LLC lifted its position in Spotify Technology S.A. (NYSE:SPOT) by 14.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,431 shares of the company’s stock after buying an additional 181 shares during the quarter. Precision Wealth Strategies LLC’s holdings in Spotify Technology were worth $527,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Spotify Technology by 30.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock valued at $21,024,000 after buying an additional 18,731 shares in the last quarter. Perpetual Ltd boosted its position in Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after purchasing an additional 148,431 shares during the period. TD Asset Management Inc boosted its position in Spotify Technology by 2.4% during the first quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock worth $135,339,000 after purchasing an additional 12,192 shares during the period. Envestnet Portfolio Solutions Inc. boosted its position in Spotify Technology by 121.6% during 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 during the period. Finally, Ritholtz Wealth Management boosted its position in Spotify Technology by 64.7% during the third quarter. Ritholtz Wealth Management now owns 4,495 shares of the company’s stock worth $1,657,000 after purchasing an additional 1,765 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT stock opened at $381.68 on Tuesday. The stock’s fifty day moving average is $353.40 and its 200-day moving average is $323.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market capitalization of $75.97 billion, a PE ratio of 155.79 and a beta of 1.58. Spotify Technology S.A. has a 52 week low of $145.79 and a 52 week high of $389.23.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.08 by $0.25. The company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.69) earnings per share. Equities research analysts expect that Spotify Technology S.A. will post 6.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. upped their target price on Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. TD Cowen upped their target price on Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research report on Wednesday, July 24th. Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 price objective on shares of Spotify Technology in a research report on Monday, October 7th. Macquarie increased their price objective on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Guggenheim increased their price objective on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $362.21.

Spotify Technology Company 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.