Accurate Wealth Management LLC Cuts Position in Spotify Technology $SPOT

Accurate Wealth Management LLC decreased its position in Spotify Technology (NYSE:SPOT) by 61.5% during the 3rd quarter, Holdings Channel reports. The fund owned 898 shares of the company’s stock after selling 1,432 shares during the quarter. Accurate Wealth Management LLC’s holdings in Spotify Technology were worth $614,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Knuff & Co LLC purchased a new stake in shares of Spotify Technology in the 2nd quarter valued at approximately $27,000. Heartwood Wealth Advisors LLC acquired a new position in shares of Spotify Technology during the third quarter worth $27,000. Total Investment Management Inc. purchased a new position in Spotify Technology in the second quarter valued at $29,000. Sound Income Strategies LLC raised its stake in Spotify Technology by 156.3% in the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after buying an additional 25 shares in the last quarter. Finally, Albion Financial Group UT lifted its holdings in Spotify Technology by 80.0% during the 3rd quarter. Albion Financial Group UT now owns 45 shares of the company’s stock worth $31,000 after buying an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Benchmark increased their price objective on Spotify Technology from $800.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Wall Street Zen raised Spotify Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Cantor Fitzgerald increased their price target on shares of Spotify Technology from $640.00 to $675.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. Citigroup boosted their price objective on shares of Spotify Technology from $715.00 to $750.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 9th. Finally, Pivotal Research dropped their target price on shares of Spotify Technology from $900.00 to $875.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $760.23.

Spotify Technology Stock Performance

NYSE SPOT opened at $581.66 on Friday. The firm’s fifty day moving average is $603.82 and its two-hundred day moving average is $666.83. Spotify Technology has a one year low of $443.21 and a one year high of $785.00. The firm has a market cap of $119.76 billion, a PE ratio of 91.46, a P/E/G ratio of 1.87 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. The firm had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The business’s revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the company posted $1.45 earnings per share. Research analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

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.