Napa Wealth Management Acquires New Stake in Spotify Technology S.A. (NYSE:SPOT)

Napa Wealth Management bought a new position in Spotify Technology S.A. (NYSE:SPOT) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 3,398 shares of the company’s stock, valued at approximately $1,252,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Aigen Investment Management LP lifted its holdings in shares of Spotify Technology by 42.4% during the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after acquiring an additional 2,918 shares during the last quarter. Pathway Capital Management LP lifted its stake in Spotify Technology by 23.8% during the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after purchasing an additional 11,042 shares during the last quarter. Perpetual Ltd lifted its stake in 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 last quarter. Jag Capital Management LLC purchased a new position in shares of Spotify Technology in the 3rd quarter worth about $13,569,000. Finally, Northeast Investment Management increased its position in shares of Spotify Technology by 67.6% during the 3rd quarter. Northeast Investment Management now owns 12,991 shares of the company’s stock valued at $4,788,000 after purchasing an additional 5,240 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SPOT shares. Pivotal Research upped their target price on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Rosenblatt Securities upped their price objective on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. The Goldman Sachs Group lifted their target price on shares of Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a research report on Thursday. Piper Sandler lifted their target price on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Finally, Evercore ISI raised their target price on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Price Performance

SPOT opened at $459.67 on Monday. The firm has a market cap of $91.50 billion, a PE ratio of 124.54 and a beta of 1.56. The stock has a 50-day moving average price of $378.15 and a 200-day moving average price of $338.61. Spotify Technology S.A. has a 1 year low of $175.00 and a 1 year high of $489.69.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same period last year, the firm posted $0.36 earnings per share. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Spotify Technology S.A. will post 6.09 EPS for the current 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.