7,121 Shares in Spotify Technology (NYSE:SPOT) Purchased by Accuvest Global Advisors

Key Points

• Accuvest Global Advisors has acquired 7,121 shares of Spotify Technology, valued at approximately $3.9 million, making it the firm's sixth largest holding.
• Research analysts have recently issued mixed ratings on Spotify, with a consensus rating of "Moderate Buy" and an average target price of $718.90.
• Spotify reported a loss of $0.42 per share in its latest quarterly earnings, significantly missing the consensus estimate of $2.00, although revenue increased by 10.1% year-over-year to $4.94 billion.

Accuvest Global Advisors acquired a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 7,121 shares of the company's stock, valued at approximately $3,917,000. Spotify Technology makes up about 3.3% of Accuvest Global Advisors' investment portfolio, making the stock its 6th biggest holding.

Other institutional investors and hedge funds have also modified their holdings of the company. Mpwm Advisory Solutions LLC bought a new position in shares of Spotify Technology during the 4th quarter worth approximately $26,000. Tsfg LLC bought a new position in shares of Spotify Technology during the first quarter valued at $28,000. Copia Wealth Management acquired a new stake in shares of Spotify Technology in the 4th quarter valued at $29,000. Cornerstone Planning Group LLC grew its holdings in shares of Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after purchasing an additional 41 shares during the last quarter. Finally, North Star Investment Management Corp. lifted its holdings in Spotify Technology by 52.8% during the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after purchasing an additional 19 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Morgan Stanley cut their target price on shares of Spotify Technology from $850.00 to $800.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Guggenheim raised their price objective on shares of Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. Benchmark reduced their price objective on Spotify Technology from $840.00 to $800.00 and set a "buy" rating on the stock in a report on Wednesday, July 30th. Loop Capital lifted their target price on Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a research note on Friday, May 2nd. Finally, Canaccord Genuity Group upped their price target on Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Ten equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $666.91 on Thursday. The company has a market capitalization of $136.52 billion, a price-to-earnings ratio of 161.87, a PEG ratio of 2.80 and a beta of 1.69. Spotify Technology has a 52 week low of $319.07 and a 52 week high of $785.00. The company has a 50-day simple moving average of $700.75 and a 200 day simple moving average of $627.08.

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 for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The firm had revenue of $4.94 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same period in the previous year, the business posted $1.33 earnings per share. The business's revenue for the quarter was up 10.1% on a year-over-year basis. Sell-side analysts forecast that Spotify Technology will post 10.3 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.

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