Evanson Asset Management LLC Acquires Shares of 494 Spotify Technology (NYSE:SPOT)

Evanson Asset Management LLC purchased a new position in Spotify Technology (NYSE:SPOT - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 494 shares of the company's stock, valued at approximately $272,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. North Star Investment Management Corp. lifted its stake in shares of Spotify Technology by 52.8% in 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 last quarter. Mpwm Advisory Solutions LLC acquired a new position in Spotify Technology in the 4th quarter valued at $26,000. Hillsdale Investment Management Inc. bought a new position in Spotify Technology in the 4th quarter worth $27,000. Copia Wealth Management acquired a new position in Spotify Technology during the 4th quarter worth $29,000. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its position in Spotify Technology by 209.1% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company's stock worth $37,000 after acquiring an additional 46 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Trading Down 0.4%

NYSE SPOT traded down $2.55 on Friday, reaching $707.64. The company's stock had a trading volume of 1,528,129 shares, compared to its average volume of 2,209,787. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $728.80. The firm has a market cap of $144.86 billion, a PE ratio of 117.35, a price-to-earnings-growth ratio of 1.85 and a beta of 1.68. The business has a 50-day moving average price of $646.29 and a 200 day moving average price of $574.67.

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 net margin of 7.19% and a return on equity of 22.53%. The company 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 posted $0.97 earnings per share. The firm's revenue for the quarter was up 15.2% compared to the same quarter last year. Analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on SPOT shares. KeyCorp lowered their price target on Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Guggenheim restated a "buy" rating on shares of Spotify Technology in a research note on Friday, June 6th. Rosenblatt Securities lowered their target price on Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. Loop Capital lifted their price target on Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research report on Friday, May 2nd. Finally, Pivotal Research upped their price target on Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $630.28.

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.