Crossmark Global Holdings Inc. Raises Stake in Spotify Technology (NYSE:SPOT)

Crossmark Global Holdings Inc. increased its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 51.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,136 shares of the company's stock after purchasing an additional 386 shares during the period. Crossmark Global Holdings Inc.'s holdings in Spotify Technology were worth $625,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SPOT. Tsfg LLC purchased a new position in Spotify Technology during the first quarter worth about $28,000. North Star Investment Management Corp. boosted its stake in Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after buying an additional 19 shares during the period. Mpwm Advisory Solutions LLC purchased a new position in shares of Spotify Technology in the fourth quarter valued at approximately $26,000. Hillsdale Investment Management Inc. purchased a new position in shares of Spotify Technology in the fourth quarter valued at approximately $27,000. Finally, Copia Wealth Management purchased a new position in shares of Spotify Technology in the fourth quarter valued at approximately $29,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on SPOT. Guggenheim raised their price objective on shares of Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a research note on Wednesday, June 25th. Canaccord Genuity Group raised their price objective on shares of Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. China Renaissance began coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price objective for the company. Cantor Fitzgerald raised their price objective on shares of Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. Finally, KeyCorp raised their target price on shares of Spotify Technology from $640.00 to $860.00 and gave the company an "overweight" rating in a report on Friday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat, Spotify Technology has an average rating of "Moderate Buy" and an average target price of $701.31.

Spotify Technology Stock Down 0.2%

NYSE:SPOT traded down $1.13 during midday trading on Friday, reaching $708.82. The stock had a trading volume of 1,267,406 shares, compared to its average volume of 2,222,043. The firm has a fifty day simple moving average of $689.79 and a two-hundred day simple moving average of $601.90. Spotify Technology has a 12-month low of $288.07 and a 12-month high of $785.00. The stock has a market cap of $145.10 billion, a P/E ratio of 117.55, a P/E/G ratio of 1.87 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted 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 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 analysts' expectations of $4.22 billion. During the same quarter last year, the business earned $0.97 earnings per share. The business's quarterly revenue was up 15.2% on a year-over-year basis. On average, sell-side analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal 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.