Beirne Wealth Consulting Services LLC Acquires New Holdings in Spotify Technology $SPOT

Beirne Wealth Consulting Services LLC bought a new position in shares of Spotify Technology (NYSE:SPOT) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,348 shares of the company’s stock, valued at approximately $941,000.

Several other large investors have also recently bought and sold shares of SPOT. Knuff & Co LLC purchased a new stake in shares of Spotify Technology in the second quarter worth $27,000. Total Investment Management Inc. bought a new position in Spotify Technology in the 2nd quarter worth about $29,000. Heartwood Wealth Advisors LLC purchased a new stake in shares of Spotify Technology in the 3rd quarter valued at about $27,000. Greykasell Wealth Strategies Inc. raised its holdings in shares of Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after acquiring an additional 38 shares in the last quarter. Finally, Westfuller Advisors LLC bought a new stake in shares of Spotify Technology during the 3rd quarter valued at about $29,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Up 2.8%

Spotify Technology stock opened at $458.40 on Tuesday. The firm has a fifty day simple moving average of $531.43 and a two-hundred day simple moving average of $619.31. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The company has a market capitalization of $94.35 billion, a PE ratio of 47.55, a P/E/G ratio of 1.08 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $3.16 by $2.00. The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The company’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.88 earnings per share. As a group, equities analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on SPOT shares. Erste Group Bank downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. Guggenheim decreased their price target on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a report on Wednesday, February 11th. Benchmark dropped their price objective on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a report on Friday, January 16th. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and reduced their target price for the company from $735.00 to $700.00 in a research note on Friday, January 23rd. Finally, Citigroup upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price target on the stock in a research report on Friday, January 30th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $706.42.

About Spotify Technology

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.