Drive Wealth Management LLC Takes Position in Spotify Technology $SPOT

Drive Wealth Management LLC bought a new position in shares of Spotify Technology (NYSE:SPOT) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 494 shares of the company’s stock, valued at approximately $379,000.

Other large investors have also modified their holdings of the company. Tsfg LLC acquired a new position in Spotify Technology during the first quarter worth $28,000. Cornerstone Planning Group LLC boosted its position in shares of Spotify Technology by 512.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock worth $29,000 after purchasing an additional 41 shares in the last quarter. Sound Income Strategies LLC grew its stake in shares of Spotify Technology by 156.3% during the 2nd quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock worth $31,000 after purchasing an additional 25 shares during the period. GFG Capital LLC purchased a new position in shares of Spotify Technology in the 2nd quarter valued at about $33,000. Finally, Truvestments Capital LLC purchased a new position in shares of Spotify Technology in the 1st quarter valued at about $34,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

Spotify Technology stock opened at $675.03 on Tuesday. The stock has a market capitalization of $138.19 billion, a P/E ratio of 163.84, a P/E/G ratio of 3.20 and a beta of 1.67. Spotify Technology has a 12-month low of $376.00 and a 12-month high of $785.00. The firm’s 50-day moving average is $699.14 and its two-hundred day moving average is $673.60.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%.The business had revenue of $4.94 billion for the quarter, compared to analysts’ expectations of $4.29 billion. During the same quarter last year, the company posted $1.33 earnings per share. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. Spotify Technology has set its Q3 2025 guidance at EPS. As a group, analysts forecast that Spotify Technology will post 10.3 EPS for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Canaccord Genuity Group upped their price target on Spotify Technology from $775.00 to $850.00 and gave the stock a “buy” rating in a report on Wednesday, July 2nd. UBS Group dropped their price objective on Spotify Technology from $895.00 to $850.00 and set a “buy” rating for the company in a research note on Wednesday, July 30th. Barclays decreased their target price on Spotify Technology from $800.00 to $750.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 30th. Finally, Wells Fargo & Company raised their price target on Spotify Technology from $740.00 to $750.00 and gave the company an “overweight” rating in a research report on Tuesday, July 29th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $731.16.

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.