Simplicity Solutions LLC Buys 204 Shares of Spotify Technology S.A. (NYSE:SPOT)

Simplicity Solutions LLC grew its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 15.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,550 shares of the company’s stock after purchasing an additional 204 shares during the quarter. Simplicity Solutions LLC’s holdings in Spotify Technology were worth $291,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Pinnacle Bancorp Inc. purchased a new stake in shares of Spotify Technology during the fourth quarter worth about $29,000. First Horizon Advisors Inc. increased its stake in shares of Spotify Technology by 195.0% during the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after purchasing an additional 117 shares in the last quarter. Quarry LP bought a new position in shares of Spotify Technology during the second quarter valued at approximately $35,000. First Manhattan Co. increased its stake in shares of Spotify Technology by 65.8% during the first quarter. First Manhattan Co. now owns 252 shares of the company’s stock valued at $38,000 after purchasing an additional 100 shares in the last quarter. Finally, Beaird Harris Wealth Management LLC increased its stake in shares of Spotify Technology by 2,540.0% during the third quarter. Beaird Harris Wealth Management LLC now owns 264 shares of the company’s stock valued at $41,000 after purchasing an additional 254 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several analyst reports. JPMorgan Chase & Co. raised their price target on shares of Spotify Technology from $280.00 to $320.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Wells Fargo & Company raised their price target on shares of Spotify Technology from $250.00 to $280.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. HSBC initiated coverage on shares of Spotify Technology in a research report on Wednesday, March 27th. They set a “buy” rating and a $310.00 price target for the company. Raymond James raised their price target on shares of Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a research report on Monday, April 15th. Finally, Benchmark upped their price objective on Spotify Technology from $290.00 to $325.00 and gave the company a “buy” rating in a research report on Thursday. Six investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $265.24.

Spotify Technology Trading Down 4.6 %

SPOT stock opened at $275.83 on Friday. Spotify Technology S.A. has a 12-month low of $128.67 and a 12-month high of $313.16. The business’s fifty day moving average price is $266.94 and its 200 day moving average price is $214.58.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.01. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The firm had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the business earned ($1.43) EPS. The company’s quarterly revenue was up 16.0% compared to the same quarter last year. As a group, equities analysts anticipate that Spotify Technology S.A. will post 3.5 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.