Beacon Financial Advisory LLC Makes New $221,000 Investment in Spotify Technology (NYSE:SPOT)

Beacon Financial Advisory LLC bought a new stake in shares of Spotify Technology (NYSE:SPOT - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 402 shares of the company's stock, valued at approximately $221,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SPOT. GQG Partners LLC bought a new position in shares of Spotify Technology during the 4th quarter valued at approximately $800,725,000. Geode Capital Management LLC lifted its position in Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after buying an additional 1,259,183 shares during the last quarter. Norges Bank bought a new stake in Spotify Technology in the fourth quarter worth $396,028,000. Janus Henderson Group PLC lifted its position in Spotify Technology by 325.9% in the fourth quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock worth $503,316,000 after buying an additional 861,232 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Spotify Technology by 103.7% in the fourth quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock worth $638,367,000 after buying an additional 726,245 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Robert W. Baird raised their price target on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Evercore ISI raised their price target on Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a research report on Monday, June 16th. Guggenheim raised their price target on Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research report on Wednesday. Wolfe Research upgraded Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target for the company in a research report on Monday, April 21st. Finally, Barclays lowered their price target on Spotify Technology from $710.00 to $650.00 and set an "overweight" rating for the company in a research report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $654.93.

Spotify Technology Stock Down 0.4%

NYSE:SPOT traded down $3.39 during mid-day trading on Friday, reaching $772.52. The company's stock had a trading volume of 2,792,218 shares, compared to its average volume of 2,208,809. Spotify Technology has a 1 year low of $288.07 and a 1 year high of $785.00. The stock has a fifty day moving average of $664.99 and a 200-day moving average of $584.00. The firm has a market capitalization of $158.14 billion, a PE ratio of 128.11, a price-to-earnings-growth ratio of 2.02 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same period last year, the company earned $0.97 earnings per share. The firm's revenue was up 15.2% compared to the same quarter last year. On average, analysts expect that Spotify Technology 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.