Apex Wealth Management LLC Invests $228,000 in Spotify Technology (NYSE:SPOT)

Apex Wealth Management LLC purchased a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 415 shares of the company's stock, valued at approximately $228,000.

Several other institutional investors also recently modified their holdings of the business. HM Payson & Co. grew its position in shares of Spotify Technology by 39.1% during the 1st quarter. HM Payson & Co. now owns 64 shares of the company's stock worth $35,000 after buying an additional 18 shares during the period. Adero Partners LLC grew its holdings in Spotify Technology by 0.7% during the first quarter. Adero Partners LLC now owns 2,635 shares of the company's stock valued at $1,449,000 after purchasing an additional 19 shares during the period. North Star Investment Management Corp. grew its holdings in Spotify Technology by 52.8% during the first 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. Covenant Partners LLC grew its holdings in Spotify Technology by 2.5% during the fourth quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock valued at $458,000 after purchasing an additional 25 shares during the period. Finally, Trifecta Capital Advisors LLC grew its holdings in Spotify Technology by 33.3% during the first quarter. Trifecta Capital Advisors LLC now owns 100 shares of the company's stock valued at $55,000 after purchasing an additional 25 shares during the period. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Trading Up 2.0%

NYSE SPOT opened at $723.98 on Monday. The firm's fifty day moving average price is $678.50 and its two-hundred day moving average price is $593.82. Spotify Technology has a 1 year low of $288.07 and a 1 year high of $785.00. The firm has a market capitalization of $148.20 billion, a P/E ratio of 120.06, a price-to-earnings-growth ratio of 1.91 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 the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same quarter last year, the company posted $0.97 earnings per share. The company's revenue was up 15.2% on a year-over-year basis. On average, research analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Wells Fargo & Company boosted their price objective on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a report on Friday, March 28th. JPMorgan Chase & Co. boosted their price objective on shares of Spotify Technology from $670.00 to $730.00 and gave the company an "overweight" rating in a report on Wednesday, June 4th. Bank of America boosted their price objective on shares of Spotify Technology from $700.00 to $900.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Macquarie boosted their price objective on shares of Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a report on Friday, April 25th. Finally, Sanford C. Bernstein upgraded shares of Spotify Technology to a "strong-buy" rating in a report on Tuesday, June 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Spotify Technology presently has an average rating of "Moderate Buy" and an average target price of $660.28.

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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