Consolidated Portfolio Review Corp Purchases New Holdings in Spotify Technology (NYSE:SPOT)

Consolidated Portfolio Review Corp purchased a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 3,654 shares of the company's stock, valued at approximately $2,010,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Oppenheimer & Co. Inc. boosted its stake in Spotify Technology by 523.7% in the first quarter. Oppenheimer & Co. Inc. now owns 2,863 shares of the company's stock valued at $1,575,000 after acquiring an additional 2,404 shares during the last quarter. Oppenheimer Asset Management Inc. raised its holdings in shares of Spotify Technology by 7.4% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 7,864 shares of the company's stock worth $4,325,000 after purchasing an additional 543 shares during the period. 5T Wealth LLC purchased a new position in Spotify Technology in the first quarter valued at approximately $226,000. Whalen Wealth Management Inc. bought a new position in Spotify Technology during the first quarter valued at $498,000. Finally, Cambridge Investment Research Advisors Inc. increased its position in Spotify Technology by 16.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock worth $4,699,000 after buying an additional 1,179 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SPOT. FBN Securities began coverage on Spotify Technology in a research report on Friday, March 28th. They set a "sector perform" rating and a $645.00 price target on the stock. DZ Bank cut Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a research note on Friday, June 13th. Wells Fargo & Company upped their price objective on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a report on Friday, March 28th. UBS Group reiterated an "overweight" rating on shares of Spotify Technology in a research note on Friday, June 6th. Finally, Rosenblatt Securities lowered their price target on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $630.28.

Spotify Technology Trading Up 3.5%

SPOT opened at $732.15 on Tuesday. The stock has a market capitalization of $149.88 billion, a P/E ratio of 121.42, a PEG ratio of 1.85 and a beta of 1.68. The stock has a 50-day moving average price of $649.99 and a 200-day moving average price of $576.87. Spotify Technology has a 12-month low of $288.07 and a 12-month high of $736.35.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted 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 22.53% and a net margin of 7.19%. The business had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. During the same period last year, the business posted $0.97 earnings per share. The company's revenue was up 15.2% compared to the same quarter last year. On average, equities research 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.