Founders Financial Alliance LLC Invests $374,000 in Spotify Technology (NYSE:SPOT)

Key Points

• Founders Financial Alliance LLC acquired 680 shares of Spotify Technology (NYSE:SPOT), valued at approximately $374,000, during the first quarter.
• Analysts have recently adjusted price targets for Spotify, with UBS Group lowering it to $850.00 while The Goldman Sachs Group raised it to $775.00, indicating a general consensus of a "Moderate Buy" rating.
• Spotify reported an earnings miss of ($0.42) EPS in the last quarter, significantly below the consensus estimate of $2.00, despite achieving a revenue of $4.94 billion, above expectations.

Founders Financial Alliance LLC acquired a new stake in Spotify Technology (NYSE:SPOT - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 680 shares of the company's stock, valued at approximately $374,000.

Several other large investors have also modified their holdings of SPOT. Keystone Investors PTE Ltd. purchased a new stake in Spotify Technology during the 1st quarter worth about $564,000. Forsta AP Fonden lifted its position in Spotify Technology by 12.6% during the 1st quarter. Forsta AP Fonden now owns 1,559,652 shares of the company's stock worth $857,855,000 after acquiring an additional 174,700 shares in the last quarter. Savvy Advisors Inc. increased its holdings in Spotify Technology by 407.7% during the 1st quarter. Savvy Advisors Inc. now owns 2,559 shares of the company's stock worth $1,408,000 after purchasing an additional 2,055 shares during the last quarter. National Bank of Canada FI increased its holdings in Spotify Technology by 43.1% during the 1st quarter. National Bank of Canada FI now owns 3,534 shares of the company's stock worth $1,944,000 after purchasing an additional 1,064 shares during the last quarter. Finally, Citigroup Inc. increased its holdings in shares of Spotify Technology by 150.4% in the 1st quarter. Citigroup Inc. now owns 221,444 shares of the company's stock valued at $121,801,000 after acquiring an additional 132,998 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Trading Up 2.9%

Shares of NYSE:SPOT traded up $19.64 during midday trading on Friday, hitting $706.38. The company had a trading volume of 2,361,417 shares, compared to its average volume of 2,795,071. Spotify Technology has a 12 month low of $319.07 and a 12 month high of $785.00. The stock has a market cap of $144.60 billion, a price-to-earnings ratio of 171.45, a PEG ratio of 3.06 and a beta of 1.69. The firm has a fifty day simple moving average of $702.55 and a 200 day simple moving average of $631.84.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The firm had revenue of $4.94 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period in the prior year, the business earned $1.33 EPS. The business's revenue for the quarter was up 10.1% compared to the same quarter last year. Equities analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of analyst reports. Barclays reduced their price target on Spotify Technology from $800.00 to $750.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Robert W. Baird upped their price target on Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Cantor Fitzgerald upped their price target on Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a research report on Wednesday, June 18th. Pivotal Research upped their target price on Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Finally, Wolfe Research raised Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price on the stock in a research report on Monday, April 21st. Ten equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $718.90.

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.