Apollon Wealth Management LLC Invests $892,000 in Spotify Technology (NYSE:SPOT)

Apollon Wealth Management LLC bought a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 1,622 shares of the company's stock, valued at approximately $892,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. HM Payson & Co. lifted its holdings in shares of Spotify Technology by 39.1% in the 1st quarter. HM Payson & Co. now owns 64 shares of the company's stock valued at $35,000 after buying an additional 18 shares during the period. Adero Partners LLC lifted its holdings in shares of Spotify Technology by 0.7% in the 1st quarter. Adero Partners LLC now owns 2,635 shares of the company's stock valued at $1,449,000 after buying an additional 19 shares during the period. North Star Investment Management Corp. lifted its holdings 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 buying an additional 19 shares during the period. Covenant Partners LLC lifted its holdings in shares of Spotify Technology by 2.5% in the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock valued at $458,000 after buying an additional 25 shares during the period. Finally, Trifecta Capital Advisors LLC lifted its holdings in shares of Spotify Technology by 33.3% in the 1st quarter. Trifecta Capital Advisors LLC now owns 100 shares of the company's stock valued at $55,000 after buying an additional 25 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on SPOT shares. Rosenblatt Securities reduced their price target on Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a report on Wednesday, April 30th. Benchmark upped their price target on Spotify Technology from $700.00 to $840.00 and gave the stock a "buy" rating in a report on Thursday, July 10th. Morgan Stanley upped their price target on Spotify Technology from $700.00 to $850.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Robert W. Baird increased their target price on Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Finally, UBS Group increased their target price on Spotify Technology from $680.00 to $895.00 and gave the company a "buy" rating in a report on Friday, June 27th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $701.31.

Spotify Technology Stock Down 3.6%

NYSE:SPOT traded down $26.01 on Friday, reaching $694.90. The company's stock had a trading volume of 2,148,692 shares, compared to its average volume of 2,220,527. Spotify Technology has a 12-month low of $290.13 and a 12-month high of $785.00. The firm has a market cap of $142.25 billion, a price-to-earnings ratio of 115.24, a price-to-earnings-growth ratio of 1.88 and a beta of 1.68. The stock has a 50 day moving average price of $695.14 and a 200 day moving average price of $608.01.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its 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 business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter in the prior year, the firm earned $0.97 EPS. Spotify Technology's revenue for the quarter was up 15.2% compared to the same quarter last year. Equities research analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Spotify Technology Company 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.