Altfest L J & Co. Inc. Buys New Shares in Spotify Technology (NYSE:SPOT)

Key Points

• Altfest L J & Co. Inc. purchased 2,401 shares of Spotify Technology, valued at approximately $1.32 million, in its first quarter, reflecting growing interest from institutional investors.
• Analysts are optimistic, with 20 analysts giving a buy rating and a consensus price target of $718.90, significantly above the current trading price.
• Despite missing Q2 earnings expectations, Spotify reported revenue growth of 10.1% year-over-year, showcasing strong demand for its services.

Altfest L J & Co. Inc. bought a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,401 shares of the company's stock, valued at approximately $1,321,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Mpwm Advisory Solutions LLC bought a new stake in shares of Spotify Technology during the 4th quarter worth $26,000. Tsfg LLC acquired a new stake in shares of Spotify Technology during the first quarter worth $28,000. Copia Wealth Management purchased a new stake in shares of Spotify Technology during the fourth quarter valued at $29,000. Cornerstone Planning Group LLC lifted its holdings in shares of Spotify Technology by 512.5% during the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after purchasing an additional 41 shares during the last quarter. Finally, North Star Investment Management Corp. boosted its position in shares of Spotify Technology by 52.8% in 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 period. Institutional investors and hedge funds own 84.09% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on SPOT shares. Cantor Fitzgerald boosted their price objective on Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a report on Wednesday, June 18th. Bank of America lifted their target price on shares of Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. JPMorgan Chase & Co. boosted their price target on shares of Spotify Technology from $730.00 to $780.00 and gave the company an "overweight" rating in a report on Friday, July 11th. Evercore ISI upped their price target on shares of Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a research report on Monday, June 16th. Finally, DZ Bank raised shares of Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price objective for the company in a research note on Wednesday, July 30th. Ten analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $718.90.

Spotify Technology Trading Up 3.1%

SPOT stock opened at $666.91 on Thursday. The firm has a market cap of $136.52 billion, a PE ratio of 161.87, a PEG ratio of 2.80 and a beta of 1.69. Spotify Technology has a 1 year low of $319.07 and a 1 year high of $785.00. The company has a fifty 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 posted its 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). The company had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. Spotify Technology's quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the business earned $1.33 earnings per share. As a group, analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

About Spotify Technology

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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