Abundance Wealth Counselors Takes Position in Spotify Technology (NYSE:SPOT)

Abundance Wealth Counselors acquired a new stake in Spotify Technology (NYSE:SPOT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 400 shares of the company's stock, valued at approximately $220,000.

A number of other institutional investors have also recently bought and sold shares of SPOT. FMR LLC lifted its position in shares of Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after acquiring an additional 473,569 shares during the period. Schroder Investment Management Group lifted its position in Spotify Technology by 0.4% during the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock worth $855,810,000 after purchasing an additional 7,075 shares during the period. GQG Partners LLC bought a new stake in Spotify Technology during the fourth quarter worth about $800,725,000. Geode Capital Management LLC lifted its position in Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after purchasing an additional 1,259,183 shares during the period. Finally, Northern Trust Corp lifted its position in Spotify Technology by 103.7% during the fourth quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock worth $638,367,000 after purchasing an additional 726,245 shares during the period. Institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Down 0.4%

Shares of Spotify Technology stock opened at $707.64 on Friday. The company's fifty day moving average is $646.29 and its 200 day moving average is $574.17. Spotify Technology has a twelve month low of $288.07 and a twelve month high of $728.80. The stock has a market cap of $144.86 billion, a price-to-earnings ratio of 117.35, a P/E/G ratio of 1.86 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 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 company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter last year, the firm posted $0.97 EPS. The company'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 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Loop Capital upped their price target on shares of Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a report on Friday, May 2nd. 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 note on Tuesday. Phillip Securities upgraded Spotify Technology to a "moderate sell" rating in a research note on Monday, May 5th. Barclays cut their target price on Spotify Technology from $710.00 to $650.00 and set an "overweight" rating for the company in a research note on Wednesday, April 30th. Finally, Wells Fargo & Company upped their price objective on Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a research report on Friday, March 28th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $630.28.

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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