B. Riley Wealth Advisors Inc. Takes Position in Spotify Technology $SPOT

B. Riley Wealth Advisors Inc. bought a new stake in shares of Spotify Technology (NYSE:SPOT) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,506 shares of the company’s stock, valued at approximately $1,156,000.

A number of other institutional investors and hedge funds have also bought and sold shares of SPOT. State Street Corp boosted its holdings in Spotify Technology by 1.7% during the 2nd quarter. State Street Corp now owns 4,574,228 shares of the company’s stock worth $3,509,988,000 after acquiring an additional 74,256 shares during the last quarter. Fisher Asset Management LLC lifted its position in shares of Spotify Technology by 22.7% during the second quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock valued at $1,909,920,000 after purchasing an additional 460,115 shares in the last quarter. Northern Trust Corp boosted its holdings in Spotify Technology by 10.3% during the first quarter. Northern Trust Corp now owns 1,574,482 shares of the company’s stock worth $866,012,000 after purchasing an additional 147,580 shares during the last quarter. Geode Capital Management LLC grew its position in Spotify Technology by 3.3% in the 2nd quarter. Geode Capital Management LLC now owns 1,568,502 shares of the company’s stock worth $1,192,730,000 after purchasing an additional 49,377 shares in the last quarter. Finally, Invesco Ltd. grew its position in Spotify Technology by 17.3% in the 2nd quarter. Invesco Ltd. now owns 1,454,383 shares of the company’s stock worth $1,116,007,000 after purchasing an additional 214,355 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 3.5%

SPOT stock opened at $576.97 on Tuesday. Spotify Technology has a 12-month low of $443.21 and a 12-month high of $785.00. The business’s 50-day moving average is $629.39 and its 200 day moving average is $677.06. The stock has a market cap of $118.80 billion, a price-to-earnings ratio of 90.72, a PEG ratio of 1.97 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.87 by $1.96. The company had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.45 EPS. As a group, equities analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. DZ Bank raised Spotify Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. The Goldman Sachs Group lowered Spotify Technology from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $765.00 to $770.00 in a report on Tuesday, September 30th. Oppenheimer upped their price objective on Spotify Technology from $750.00 to $825.00 and gave the company an “outperform” rating in a research note on Monday, August 18th. JPMorgan Chase & Co. raised their target price on Spotify Technology from $740.00 to $805.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Finally, Erste Group Bank downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $758.86.

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.