Benjamin Edwards Inc. Has $2.54 Million Holdings in Spotify Technology S.A. (NYSE:SPOT)

Benjamin Edwards Inc. boosted its position in Spotify Technology S.A. (NYSE:SPOT) by 29.7% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 5,672 shares of the company’s stock after purchasing an additional 1,298 shares during the period. Benjamin Edwards Inc.’s holdings in Spotify Technology were worth $2,538,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in SPOT. Hillsdale Investment Management Inc. bought a new stake in shares of Spotify Technology in the fourth quarter valued at about $27,000. Quent Capital LLC lifted its holdings in shares of Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after acquiring an additional 57 shares during the last quarter. Noble Wealth Management PBC acquired a new stake in Spotify Technology in the fourth quarter valued at approximately $52,000. Strategic Financial Concepts LLC acquired a new stake in shares of Spotify Technology during the 4th quarter valued at $56,000. Finally, Larson Financial Group LLC boosted its stake in shares of Spotify Technology by 48.5% during the fourth quarter. Larson Financial Group LLC now owns 144 shares of the company’s stock valued at $64,000 after purchasing an additional 47 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. FBN Securities initiated coverage on shares of Spotify Technology in a research note on Friday, March 28th. They issued a “sector perform” rating and a $645.00 price objective on the stock. Morgan Stanley raised their price objective on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Cantor Fitzgerald cut their price objective on shares of Spotify Technology from $600.00 to $520.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Wolfe Research raised Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 target price for the company in a research report on Monday, April 21st. Finally, Robert W. Baird increased their price target on Spotify Technology from $700.00 to $730.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Eight analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $604.76.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $634.42 on Wednesday. The stock has a fifty day moving average price of $571.98 and a 200-day moving average price of $519.24. The firm has a market cap of $129.87 billion, a PE ratio of 106.63 and a beta of 1.72. Spotify Technology S.A. has a 1 year low of $286.21 and a 1 year high of $653.32.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The firm had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. During the same period in the prior year, the business earned $0.97 earnings per share. The business’s quarterly revenue was up 15.2% compared to the same quarter last year. As a group, equities analysts anticipate that Spotify Technology S.A. will post 10.3 EPS for the current fiscal year.

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.