Compass Wealth Management LLC Acquires Shares of 12,032 Spotify Technology $SPOT

Compass Wealth Management LLC acquired a new position in Spotify Technology (NYSE:SPOT) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 12,032 shares of the company’s stock, valued at approximately $8,398,000. Spotify Technology comprises about 1.3% of Compass Wealth Management LLC’s holdings, making the stock its 22nd largest holding.

A number of other hedge funds have also made changes to their positions in the company. Helios Capital Management PTE. Ltd. raised its position in shares of Spotify Technology by 56.3% during the 3rd quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock valued at $5,235,000 after buying an additional 2,700 shares during the period. Generali Asset Management SPA SGR increased its stake in Spotify Technology by 30.9% during the third quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock worth $46,692,000 after acquiring an additional 16,054 shares during the last quarter. Cynosure Group LLC purchased a new stake in Spotify Technology in the third quarter valued at $2,862,000. Commonwealth Equity Services LLC lifted its stake in shares of Spotify Technology by 12.2% in the 3rd quarter. Commonwealth Equity Services LLC now owns 18,676 shares of the company’s stock valued at $13,036,000 after purchasing an additional 2,032 shares during the last quarter. Finally, Elite Wealth Management Inc. purchased a new position in shares of Spotify Technology during the 3rd quarter worth $3,179,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Down 0.2%

Shares of NYSE SPOT opened at $511.98 on Tuesday. The stock has a market cap of $105.41 billion, a P/E ratio of 80.50, a PEG ratio of 0.97 and a beta of 1.66. The business’s fifty day simple moving average is $566.93 and its 200-day simple moving average is $642.28. Spotify Technology has a 12-month low of $475.01 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share 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 the consensus estimate of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.Spotify Technology’s revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.45 EPS. On average, equities analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of recent analyst reports. Sanford C. Bernstein dropped their price target on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating for the company in a research report on Wednesday, January 14th. Cantor Fitzgerald lowered their price objective on shares of Spotify Technology from $675.00 to $615.00 and set a “neutral” rating for the company in a research report on Thursday, January 8th. Guggenheim dropped their target price on shares of Spotify Technology from $800.00 to $750.00 and set a “buy” rating for the company in a report on Thursday, January 8th. Wells Fargo & Company decreased their price target on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 13th. Finally, Rosenblatt Securities lowered their price target on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $739.07.

Spotify Technology Company Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.