5T Wealth LLC Purchases New Shares in Spotify Technology (NYSE:SPOT)

5T Wealth LLC acquired a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 411 shares of the company's stock, valued at approximately $226,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Whalen Wealth Management Inc. acquired a new position in Spotify Technology during the 1st quarter worth approximately $498,000. Cambridge Investment Research Advisors Inc. grew its position in Spotify Technology by 16.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock worth $4,699,000 after buying an additional 1,179 shares during the period. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Spotify Technology during the 1st quarter worth approximately $2,351,000. Kentucky Retirement Systems acquired a new stake in shares of Spotify Technology in the 1st quarter worth approximately $5,520,000. Finally, Inlight Wealth Management LLC acquired a new stake in shares of Spotify Technology in the 1st quarter worth approximately $41,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Down 0.4%

Shares of NYSE:SPOT opened at $707.64 on Monday. The company's 50-day moving average price is $646.29 and its 200 day moving average price is $575.23. The company has a market cap of $144.86 billion, a PE ratio of 117.35, a P/E/G ratio of 1.85 and a beta of 1.68. Spotify Technology has a fifty-two week low of $288.07 and a fifty-two week high of $728.80.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. During the same period last year, the firm posted $0.97 EPS. The business's quarterly revenue was up 15.2% on a year-over-year basis. As a group, equities analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Analyst Ratings Changes

SPOT has been the topic of a number of research analyst reports. UBS Group reiterated an "overweight" rating on shares of Spotify Technology in a research report on Friday, June 6th. Barclays reduced their price target on shares of Spotify Technology from $710.00 to $650.00 and set an "overweight" rating on the stock in a report on Wednesday, April 30th. Sanford C. Bernstein raised shares of Spotify Technology to a "strong-buy" rating in a research note on Tuesday, June 3rd. Robert W. Baird lifted their price objective on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Finally, Loop Capital increased their target price on Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $630.28.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.