Carr Financial Group Corp Buys New Position in Spotify Technology (NYSE:SPOT)

Carr Financial Group Corp purchased a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 368 shares of the company's stock, valued at approximately $202,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Abundance Wealth Counselors purchased a new stake in shares of Spotify Technology during the first quarter valued at approximately $220,000. Retirement Systems of Alabama acquired a new stake in Spotify Technology during the 1st quarter valued at $27,642,000. Trifecta Capital Advisors LLC increased its stake in Spotify Technology by 33.3% during the 1st quarter. Trifecta Capital Advisors LLC now owns 100 shares of the company's stock worth $55,000 after buying an additional 25 shares during the period. Advisory Resource Group acquired a new position in Spotify Technology in the 1st quarter worth $991,000. Finally, LifeWealth Investments LLC acquired a new position in Spotify Technology in the 1st quarter worth $260,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on SPOT shares. Macquarie raised their target price on Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. Rosenblatt Securities lowered their price objective on Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a research note on Wednesday, April 30th. JPMorgan Chase & Co. lifted their price objective on Spotify Technology from $670.00 to $730.00 and gave the stock an "overweight" rating in a report on Wednesday, June 4th. Wolfe Research upgraded Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price for the company in a research note on Monday, April 21st. Finally, Phillip Securities upgraded shares of Spotify Technology to a "moderate sell" rating in a research note on Monday, May 5th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and an average price target of $630.28.

Spotify Technology Stock Performance

Shares of SPOT opened at $710.76 on Friday. The firm has a fifty day moving average of $643.00 and a 200-day moving average of $572.69. The company has a market cap of $145.50 billion, a price-to-earnings ratio of 117.87, a price-to-earnings-growth ratio of 1.86 and a beta of 1.68. Spotify Technology has a 1 year low of $288.07 and a 1 year high of $728.80.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (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 firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same period in the previous year, the firm earned $0.97 earnings per share. The company's revenue for the quarter was up 15.2% on a year-over-year basis. Analysts predict that Spotify Technology will post 10.3 EPS 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.

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