City Center Advisors LLC Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

City Center Advisors LLC bought a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, HoldingsChannel.com reports. The firm bought 837 shares of the company’s stock, valued at approximately $374,000.

Several other hedge funds also recently made changes to their positions in SPOT. Matrix Trust Co acquired a new stake in Spotify Technology during the fourth quarter worth approximately $150,000. Aprio Wealth Management LLC bought a new stake in shares of Spotify Technology during the 4th quarter valued at $338,000. West Oak Capital LLC lifted its position in shares of Spotify Technology by 449,633.3% during the 4th quarter. West Oak Capital LLC now owns 26,984 shares of the company’s stock valued at $12,072,000 after acquiring an additional 26,978 shares during the period. Harbor Capital Advisors Inc. grew its holdings in shares of Spotify Technology by 2.4% during the 4th quarter. Harbor Capital Advisors Inc. now owns 1,398 shares of the company’s stock worth $625,000 after purchasing an additional 33 shares in the last quarter. Finally, First Hawaiian Bank increased its position in shares of Spotify Technology by 5.7% in the fourth quarter. First Hawaiian Bank now owns 4,098 shares of the company’s stock worth $1,833,000 after purchasing an additional 222 shares during the period. 84.09% of the stock is owned by institutional investors.

Spotify Technology Price Performance

Shares of SPOT stock opened at $459.82 on Monday. The stock has a market capitalization of $91.53 billion, a PE ratio of 124.95 and a beta of 1.62. The business’s 50 day simple moving average is $460.14 and its 200 day simple moving average is $384.72. Spotify Technology S.A. has a one year low of $191.88 and a one year high of $506.47.

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

Analysts Set New Price Targets

SPOT has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Wells Fargo & Company upped their price target on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Piper Sandler increased their price target on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Pivotal Research boosted their price objective on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Barclays raised their target price on Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average target price of $433.36.

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.