Austin Asset Management Co Inc Makes New $213,000 Investment in Spotify Technology (NYSE:SPOT)

Austin Asset Management Co Inc acquired a new position in Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 387 shares of the company's stock, valued at approximately $213,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Mpwm Advisory Solutions LLC acquired a new position in shares of Spotify Technology in the 4th quarter worth approximately $26,000. Hillsdale Investment Management Inc. bought a new position in Spotify Technology during the fourth quarter worth $27,000. Copia Wealth Management acquired a new position in Spotify Technology in the fourth quarter valued at $29,000. North Star Investment Management Corp. boosted its position 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 acquiring an additional 19 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its position in 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 acquiring an additional 46 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Macquarie boosted their price objective on Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. FBN Securities began coverage on shares of Spotify Technology in a research note on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price objective for the company. Robert W. Baird boosted their target price on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. DZ Bank cut shares of Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a report on Friday, June 13th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating on shares of Spotify Technology in a research note on Friday, June 6th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and an average price target of $654.93.

Spotify Technology Price Performance

Shares of NYSE SPOT traded up $4.15 during trading on Friday, hitting $780.05. The stock had a trading volume of 603,177 shares, compared to its average volume of 2,208,182. The firm has a fifty day moving average of $661.04 and a two-hundred day moving average of $581.19. The company has a market capitalization of $159.68 billion, a PE ratio of 129.39, a PEG ratio of 1.93 and a beta of 1.68. Spotify Technology has a 12 month low of $288.07 and a 12 month high of $786.50.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly 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). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The firm had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter last year, the firm posted $0.97 earnings per share. The firm's revenue for the quarter was up 15.2% compared to the same quarter last year. On average, equities analysts expect that Spotify Technology will post 10.3 earnings per share 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.