Annex Advisory Services LLC Acquires Shares of 34,407 Spotify Technology S.A. (NYSE:SPOT)

Annex Advisory Services LLC purchased a new stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 34,407 shares of the company's stock, valued at approximately $18,925,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. AMS Capital Ltda purchased a new stake in shares of Spotify Technology in the first quarter valued at about $1,000,000. Thurston Springer Miller Herd & Titak Inc. lifted its stake in shares of Spotify Technology by 209.1% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company's stock valued at $37,000 after buying an additional 46 shares during the period. Portside Wealth Group LLC purchased a new position in shares of Spotify Technology during the first quarter valued at approximately $375,000. Whipplewood Advisors LLC lifted its stake in shares of Spotify Technology by 93.6% during the first quarter. Whipplewood Advisors LLC now owns 577 shares of the company's stock valued at $317,000 after buying an additional 279 shares during the period. Finally, Fulton Bank N.A. lifted its stake in shares of Spotify Technology by 55.3% during the first quarter. Fulton Bank N.A. now owns 1,489 shares of the company's stock valued at $819,000 after buying an additional 530 shares during the period. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Performance

Shares of SPOT stock traded up $11.17 on Thursday, hitting $712.25. The stock had a trading volume of 2,005,265 shares, compared to its average volume of 2,219,876. The firm has a market capitalization of $145.80 billion, a price-to-earnings ratio of 119.71 and a beta of 1.72. The stock's 50 day moving average is $606.47 and its 200-day moving average is $554.79. Spotify Technology S.A. has a 52-week low of $288.07 and a 52-week high of $717.50.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). The firm had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. Spotify Technology's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.97 earnings per share. Equities analysts expect that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SPOT. Wolfe Research raised shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective on the stock in a research note on Monday, April 21st. Rosenblatt Securities reduced their price objective on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 30th. Barclays reduced their price objective on shares of Spotify Technology from $710.00 to $650.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $670.00 to $730.00 and gave the company an "overweight" rating in a research note on Wednesday. Finally, Cantor Fitzgerald dropped their price target on shares of Spotify Technology from $600.00 to $520.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Eight equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average price target of $611.14.

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.