Golden State Wealth Management LLC Invests $69,000 in Spotify Technology S.A. (NYSE:SPOT)

Golden State Wealth Management LLC purchased a new position in Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 154 shares of the company’s stock, valued at approximately $69,000.

Several other large investors have also recently modified their holdings of the stock. WCM Investment Management LLC lifted its stake in shares of Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after buying an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Spotify Technology by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after acquiring an additional 102,786 shares during the last quarter. Jennison Associates LLC bought a new position in Spotify Technology in the 4th quarter valued at approximately $1,335,575,000. State Street Corp increased its holdings in shares of Spotify Technology by 1.5% in the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after purchasing an additional 28,864 shares in the last quarter. Finally, FMR LLC raised its stake in shares of Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after purchasing an additional 297,035 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on SPOT shares. Barclays increased their price objective on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Benchmark lifted their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Pivotal Research boosted their price objective on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Canaccord Genuity Group raised their target price on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Finally, Bank of America boosted their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $514.79.

Spotify Technology Price Performance

Spotify Technology stock opened at $637.88 on Tuesday. Spotify Technology S.A. has a 1 year low of $228.07 and a 1 year high of $642.27. The firm’s 50 day moving average price is $493.96 and its 200-day moving average price is $415.80. The stock has a market cap of $126.97 billion, a P/E ratio of 107.21 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.36 EPS. As a group, equities analysts expect that Spotify Technology S.A. will post 9.69 EPS for the current year.

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.