Avanza Fonder AB Takes Position in Spotify Technology S.A. (NYSE:SPOT)

Avanza Fonder AB purchased a new stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,204 shares of the company's stock, valued at approximately $1,246,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Mpwm Advisory Solutions LLC acquired a new position in shares of Spotify Technology during the fourth quarter worth about $26,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Spotify Technology during the 4th quarter valued at about $27,000. Copia Wealth Management acquired a new position in Spotify Technology during the 4th quarter worth approximately $29,000. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in Spotify Technology by 209.1% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company's stock worth $37,000 after acquiring an additional 46 shares during the period. Finally, Quent Capital LLC grew its position in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company's stock valued at $44,000 after acquiring an additional 57 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SPOT. Phillip Securities upgraded Spotify Technology to a "moderate sell" rating in a research note on Monday, May 5th. Macquarie upped their price target 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. Rosenblatt Securities dropped their target price on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a research report on Wednesday, April 30th. China Renaissance initiated coverage on Spotify Technology in a research note on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price target for the company. Finally, Wells Fargo & Company upped their price objective on Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research note on Friday, March 28th. Eight equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $611.14.

Spotify Technology Stock Performance

Shares of SPOT stock traded down $7.28 during mid-day trading on Thursday, hitting $701.86. 1,021,429 shares of the stock traded hands, compared to its average volume of 2,212,577. Spotify Technology S.A. has a twelve month low of $288.07 and a twelve month high of $717.87. The company's 50-day simple moving average is $622.37 and its 200-day simple moving average is $562.99. The firm has a market cap of $143.68 billion, a price-to-earnings ratio of 117.96 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued 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 return on equity of 25.56% and a net margin of 7.26%. The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter last year, the firm posted $0.97 earnings per share. Spotify Technology's revenue was up 15.2% compared to the same quarter last year. Analysts forecast that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

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.