Atria Wealth Solutions Inc. Purchases New Shares in Spotify Technology S.A. (NYSE:SPOT)

Atria Wealth Solutions Inc. acquired a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, Holdings Channel.com reports. The fund acquired 1,225 shares of the company’s stock, valued at approximately $230,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Wellington Management Group LLP raised its position in Spotify Technology by 61.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after buying an additional 1,133,305 shares during the last quarter. Schroder Investment Management Group lifted its position in Spotify Technology by 303.4% in the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock valued at $203,396,000 after purchasing an additional 989,243 shares during the period. Artisan Partners Limited Partnership boosted its holdings in Spotify Technology by 194.7% in the 3rd quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock valued at $173,673,000 after purchasing an additional 741,955 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in Spotify Technology by 16.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock worth $572,015,000 after purchasing an additional 523,237 shares during the period. Finally, Citigroup Inc. raised its stake in shares of Spotify Technology by 1,037.4% during the 3rd quarter. Citigroup Inc. now owns 386,191 shares of the company’s stock worth $59,721,000 after buying an additional 352,237 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $298.67 on Friday. The firm’s 50 day moving average price is $278.26 and its 200 day moving average price is $226.82. The firm has a market cap of $56.81 billion, a P/E ratio of -445.78 and a beta of 1.61. Spotify Technology S.A. has a 1 year low of $129.23 and a 1 year high of $319.30.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.42. The business had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. During the same quarter last year, the firm earned ($1.24) earnings per share. As a group, equities analysts predict that Spotify Technology S.A. will post 4.78 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. TheStreet raised shares of Spotify Technology from a “d+” rating to a “c-” rating in a research note on Friday, February 9th. Wells Fargo & Company increased their target price on shares of Spotify Technology from $250.00 to $280.00 and gave the company an “overweight” rating in a report on Wednesday, January 31st. Guggenheim boosted their price target on Spotify Technology from $290.00 to $350.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Pivotal Research raised their price objective on Spotify Technology from $390.00 to $400.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Finally, The Goldman Sachs Group boosted their target price on Spotify Technology from $277.00 to $317.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 24th. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $306.42.

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.