Journey Strategic Wealth LLC Invests $214,000 in Spotify Technology (NYSE:SPOT)

Key Points

• Journey Strategic Wealth LLC acquired 389 shares of Spotify Technology, valued at approximately $214,000, during the first quarter, reflecting growing institutional interest in the company.
• Goldman Sachs and Deutsche Bank both raised their price targets for Spotify Technology to $775, supporting their buy ratings, indicating a positive outlook for the stock.
• Spotify's stock reached a twelve-month high of $785, with a current P/E ratio of 114.90 and an expected earnings per share of 10.3 for the current fiscal year.

Journey Strategic Wealth LLC purchased a new position in Spotify Technology (NYSE:SPOT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 389 shares of the company's stock, valued at approximately $214,000.

A number of other large investors also recently modified their holdings of the business. Cornerstone Planning Group LLC increased its stake in Spotify Technology by 512.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after buying an additional 41 shares during the period. Tsfg LLC purchased a new position in shares of Spotify Technology in the first quarter worth approximately $28,000. North Star Investment Management Corp. boosted its holdings in shares of Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after purchasing an additional 19 shares during the period. Mpwm Advisory Solutions LLC acquired a new stake in shares of Spotify Technology during the fourth quarter worth approximately $26,000. Finally, Copia Wealth Management acquired a new stake in shares of Spotify Technology during the fourth quarter worth approximately $29,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Performance

Shares of NYSE SPOT traded up $16.68 during mid-day trading on Wednesday, reaching $636.69. The company had a trading volume of 2,493,259 shares, compared to its average volume of 2,306,667. Spotify Technology has a one year low of $300.57 and a one year high of $785.00. The firm has a market cap of $130.34 billion, a price-to-earnings ratio of 105.67, a PEG ratio of 1.89 and a beta of 1.68. The business's 50-day simple moving average is $701.34 and its 200 day simple moving average is $621.08.

Spotify Technology (NYSE:SPOT - Get Free Report) 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 net margin of 7.19% and a return on equity of 22.53%. The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter in the prior year, the firm earned $0.97 EPS. The business's revenue was up 15.2% on a year-over-year basis. On average, sell-side analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on SPOT shares. UBS Group lifted their price target on shares of Spotify Technology from $680.00 to $895.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Wolfe Research raised shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target on the stock in a report on Monday, April 21st. Wells Fargo & Company boosted their price target on shares of Spotify Technology from $740.00 to $750.00 and gave the company an "overweight" rating in a report on Tuesday. Evercore ISI upped their target price on shares of Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a report on Monday, June 16th. Finally, Rosenblatt Securities reduced their price target on shares of Spotify Technology from $703.00 to $679.00 and set a "neutral" rating on the stock in a research report on Wednesday. Nine equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $723.73.

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.