B. Riley Wealth Advisors Inc. Increases Holdings in Spotify Technology S.A. (NYSE:SPOT)

B. Riley Wealth Advisors Inc. increased its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 40.8% during the third quarter, HoldingsChannel.com reports. The firm owned 1,933 shares of the company’s stock after buying an additional 560 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Spotify Technology were worth $716,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in SPOT. WCM Investment Management LLC increased its position in shares of Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after buying an additional 605,755 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Spotify Technology by 3.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after acquiring an additional 102,786 shares in the last quarter. State Street Corp grew its stake in Spotify Technology by 1.5% during the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after acquiring an additional 28,864 shares in the last quarter. FMR LLC increased its holdings in Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after acquiring an additional 297,035 shares during the period. Finally, Two Sigma Advisers LP lifted its stake in Spotify Technology by 19.0% in the 3rd quarter. Two Sigma Advisers LP now owns 980,000 shares of the company’s stock worth $361,159,000 after purchasing an additional 156,300 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on SPOT shares. Macquarie boosted their price target on shares of Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Bank of America boosted their target price on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. raised their price target on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. The Goldman Sachs Group boosted their price objective on Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, Benchmark raised their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $429.96.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $448.65 on Thursday. Spotify Technology S.A. has a fifty-two week low of $185.37 and a fifty-two week high of $506.47. The firm has a market cap of $89.31 billion, a P/E ratio of 121.92 and a beta of 1.61. The business’s 50 day moving average price is $432.67 and its 200-day moving average price is $366.87.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter last year, the firm earned $0.36 EPS. The business’s revenue was up 18.8% on a year-over-year basis. As a group, equities analysts predict that Spotify Technology S.A. will post 6.02 EPS for the current year.

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.