Napa Wealth Management Purchases Shares of 3,398 Spotify Technology S.A. (NYSE:SPOT)

Napa Wealth Management acquired a new position in Spotify Technology S.A. (NYSE:SPOT) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 3,398 shares of the company’s stock, valued at approximately $1,252,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Transcendent Capital Group LLC bought a new position in Spotify Technology during the second quarter worth $25,000. Benjamin Edwards Inc. lifted its holdings in shares of Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Mather Group LLC. grew its position in Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after purchasing an additional 99 shares during the period. V Square Quantitative Management LLC bought a new stake in Spotify Technology during the 3rd quarter valued at $40,000. Finally, Rakuten Securities Inc. raised its holdings in Spotify Technology by 40.5% during the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after buying an additional 32 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $459.67 on Monday. Spotify Technology S.A. has a fifty-two week low of $175.00 and a fifty-two week high of $489.69. The stock has a market cap of $91.50 billion, a PE ratio of 124.54 and a beta of 1.56. The stock has a fifty day moving average of $378.15 and a 200-day moving average of $338.61.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share 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 company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the firm earned $0.36 EPS. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, sell-side analysts predict that Spotify Technology S.A. will post 6.09 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. TD Cowen upped their target price on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. Phillip Securities reiterated an “accumulate” rating and issued a $485.00 target price (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Canaccord Genuity Group boosted their price target on shares of Spotify Technology from $475.00 to $525.00 and gave the stock a “buy” rating in a report on Thursday. Bank of America increased their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price on the stock in a research note on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $421.69.

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.