Sandy Cove Advisors LLC Boosts Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Sandy Cove Advisors LLC increased its position in Spotify Technology S.A. (NYSE:SPOT) by 7.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 681 shares of the company’s stock after acquiring an additional 50 shares during the period. Sandy Cove Advisors LLC’s holdings in Spotify Technology were worth $305,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Prestige Wealth Management Group LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter valued at about $26,000. Benjamin Edwards Inc. lifted its position in Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares during the period. Hobbs Group Advisors LLC purchased a new stake in Spotify Technology in the third quarter worth approximately $33,000. Larson Financial Group LLC grew its position in Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the period. Finally, V Square Quantitative Management LLC purchased a new stake in Spotify Technology during the 3rd quarter valued at $40,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

NYSE:SPOT opened at $486.07 on Friday. The company has a market cap of $96.75 billion, a price-to-earnings ratio of 132.08 and a beta of 1.62. Spotify Technology S.A. has a 1 year low of $200.81 and a 1 year high of $506.47. The stock’s 50 day simple moving average is $468.82 and its two-hundred day simple moving average is $389.39.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS 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 business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter last year, the business earned $0.36 EPS. Spotify Technology’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, analysts anticipate that Spotify Technology S.A. will post 5.96 EPS for the current year.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several research analyst reports. The Goldman Sachs Group lifted their price objective on Spotify Technology from $490.00 to $550.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Pivotal Research boosted their price target on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Phillip Securities reaffirmed an “accumulate” rating and set a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. TD Cowen raised their price objective 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. Finally, JPMorgan Chase & Co. boosted their target price on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $441.21.

Spotify Technology Company 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.