Benchmark Investment Advisors LLC Takes $2.57 Million Position in Spotify Technology $SPOT

Benchmark Investment Advisors LLC acquired a new position in Spotify Technology (NYSE:SPOT) during the third quarter, according to its most recent filing with the SEC. The firm acquired 3,687 shares of the company’s stock, valued at approximately $2,574,000. Spotify Technology comprises approximately 1.5% of Benchmark Investment Advisors LLC’s holdings, making the stock its 23rd biggest holding.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Sage Mountain Advisors LLC lifted its position in shares of Spotify Technology by 6.3% in the 3rd quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock worth $201,000 after purchasing an additional 17 shares during the period. Fullerton Fund Management Co Ltd. increased its position in shares of Spotify Technology by 7.0% during the second quarter. Fullerton Fund Management Co Ltd. now owns 276 shares of the company’s stock valued at $212,000 after buying an additional 18 shares during the period. Granite Group Advisors LLC increased its position in shares of Spotify Technology by 2.6% during the third quarter. Granite Group Advisors LLC now owns 756 shares of the company’s stock valued at $528,000 after buying an additional 19 shares during the period. Ameritas Advisory Services LLC raised its stake in Spotify Technology by 7.9% in the third quarter. Ameritas Advisory Services LLC now owns 260 shares of the company’s stock worth $181,000 after buying an additional 19 shares in the last quarter. Finally, Aprio Wealth Management LLC lifted its holdings in Spotify Technology by 3.1% in the third quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock worth $442,000 after buying an additional 19 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 1.3%

SPOT opened at $516.14 on Friday. The firm’s 50 day simple moving average is $502.35 and its two-hundred day simple moving average is $596.07. The company has a market capitalization of $106.26 billion, a PE ratio of 53.54, a PEG ratio of 1.11 and a beta of 1.66. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The business had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the prior year, the business posted $1.88 earnings per share. The business’s quarterly revenue was up 6.8% on a year-over-year basis. Equities analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. UBS Group decreased their price objective on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a report on Friday, January 9th. Moffett Nathanson assumed coverage on shares of Spotify Technology in a report on Tuesday, January 27th. They set a “neutral” rating and a $487.00 target price on the stock. Cantor Fitzgerald decreased their price target on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a research note on Wednesday, February 11th. KeyCorp lowered their price target on shares of Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a research report on Monday, February 9th. Finally, Citigroup raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective on the stock in a research note on Friday, January 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $703.87.

Spotify Technology 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.