Precision Wealth Strategies LLC Buys 181 Shares of Spotify Technology S.A. (NYSE:SPOT)

Precision Wealth Strategies LLC grew its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 14.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 1,431 shares of the company’s stock after acquiring an additional 181 shares during the quarter. Precision Wealth Strategies LLC’s holdings in Spotify Technology were worth $527,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GQG Partners LLC acquired a new stake in shares of Spotify Technology during the first quarter worth about $610,040,000. Bamco Inc. NY raised its position in shares of Spotify Technology by 28.3% during the first quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock worth $228,164,000 after purchasing an additional 190,931 shares during the period. Swedbank AB raised its position in shares of Spotify Technology by 13.2% during the second quarter. Swedbank AB now owns 852,526 shares of the company’s stock worth $267,514,000 after purchasing an additional 99,730 shares during the period. Perpetual Ltd raised its position in shares of Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after purchasing an additional 148,431 shares during the period. Finally, D1 Capital Partners L.P. raised its position in shares of Spotify Technology by 5.6% during the second quarter. D1 Capital Partners L.P. now owns 680,061 shares of the company’s stock worth $213,396,000 after purchasing an additional 36,000 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT stock opened at $381.68 on Tuesday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology S.A. has a twelve month low of $145.79 and a twelve month high of $389.23. The company has a market cap of $75.97 billion, a P/E ratio of 155.79 and a beta of 1.58. The business has a fifty day simple moving average of $353.40 and a 200 day simple moving average of $323.91.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.25. The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. Spotify Technology’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same period in the prior year, the company earned ($1.69) EPS. On average, sell-side analysts forecast that Spotify Technology S.A. will post 6.22 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on SPOT shares. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and lifted their target price for the company from $320.00 to $425.00 in a research report on Wednesday, July 24th. TD Cowen lifted their target price on Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. UBS Group lifted their target price on Spotify Technology from $375.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Macquarie boosted their price target on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Finally, KeyCorp boosted their price target on Spotify Technology from $440.00 to $490.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $362.21.

About Spotify Technology

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.