3,562 Shares in Spotify Technology (NYSE:SPOT) Purchased by Convergence Investment Partners LLC

Convergence Investment Partners LLC acquired a new position in Spotify Technology (NYSE:SPOT - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 3,562 shares of the company's stock, valued at approximately $1,959,000.

A number of other hedge funds also recently modified their holdings of the company. HM Payson & Co. lifted its position in shares of Spotify Technology by 39.1% in the 1st quarter. HM Payson & Co. now owns 64 shares of the company's stock worth $35,000 after acquiring an additional 18 shares during the period. North Star Investment Management Corp. lifted its position in shares of Spotify Technology by 52.8% in the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after acquiring an additional 19 shares during the period. Adero Partners LLC lifted its position in shares of Spotify Technology by 0.7% in the 1st quarter. Adero Partners LLC now owns 2,635 shares of the company's stock worth $1,449,000 after acquiring an additional 19 shares during the period. Covenant Partners LLC raised its holdings in shares of Spotify Technology by 2.5% in the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock worth $458,000 after buying an additional 25 shares in the last quarter. Finally, Trifecta Capital Advisors LLC raised its holdings in shares of Spotify Technology by 33.3% in 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 in the last quarter. Institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SPOT. Morgan Stanley raised their price target on Spotify Technology from $700.00 to $850.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. KeyCorp raised their price target on Spotify Technology from $640.00 to $860.00 and gave the company an "overweight" rating in a report on Friday, July 11th. Deutsche Bank Aktiengesellschaft raised their price target on Spotify Technology from $700.00 to $775.00 and gave the company a "buy" rating in a report on Wednesday. Macquarie increased their price objective on Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Finally, Sanford C. Bernstein increased their price objective on Spotify Technology from $825.00 to $840.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $727.52.

Spotify Technology Price Performance

Shares of SPOT traded up $11.43 during midday trading on Friday, hitting $692.85. The stock had a trading volume of 1,755,770 shares, compared to its average volume of 2,244,213. The company has a 50 day simple moving average of $700.63 and a two-hundred day simple moving average of $615.88. Spotify Technology has a twelve month low of $300.57 and a twelve month high of $785.00. The firm has a market cap of $141.83 billion, a price-to-earnings ratio of 114.90, a price-to-earnings-growth ratio of 1.79 and a beta of 1.68.

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 (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $4.22 billion. During the same period in the prior year, the business earned $0.97 EPS. The business's revenue for the quarter was up 15.2% compared to the same quarter last year. Analysts forecast that Spotify Technology will post 10.3 EPS 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.