Fiduciary Group LLC Makes New $223,000 Investment in Spotify Technology (NYSE:SPOT)

Fiduciary Group LLC purchased a new position in Spotify Technology (NYSE:SPOT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 405 shares of the company's stock, valued at approximately $223,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. New York Life Investment Management LLC acquired a new stake in Spotify Technology during the fourth quarter worth approximately $239,000. QRG Capital Management Inc. bought a new position in shares of Spotify Technology during the 4th quarter worth approximately $233,000. SVB Wealth LLC bought a new position in shares of Spotify Technology during the 4th quarter worth approximately $227,000. Metis Global Partners LLC acquired a new stake in shares of Spotify Technology during the 4th quarter worth approximately $968,000. Finally, Smartleaf Asset Management LLC increased its stake in shares of Spotify Technology by 57.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 767 shares of the company's stock valued at $347,000 after acquiring an additional 280 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Stock Performance

NYSE SPOT traded up $14.48 on Friday, hitting $723.98. 1,078,903 shares of the stock traded hands, compared to its average volume of 2,223,457. The business's fifty day moving average is $676.45 and its two-hundred day moving average is $590.13. Spotify Technology has a 12 month low of $288.07 and a 12 month high of $785.00. The firm has a market capitalization of $148.20 billion, a price-to-earnings ratio of 120.06, a PEG ratio of 1.87 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share 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 firm had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same period last year, the business posted $0.97 EPS. The company's revenue was up 15.2% compared to the same quarter last year. Analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on SPOT shares. Guggenheim increased their target price on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Cantor Fitzgerald increased their price objective on shares of Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 18th. Rosenblatt Securities decreased their target price on Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a research report on Wednesday, April 30th. Evercore ISI upped their price target on Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a research note on Monday, June 16th. Finally, UBS Group raised their price objective on Spotify Technology from $680.00 to $895.00 and gave the company a "buy" rating in a research note on Friday, June 27th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Spotify Technology currently has an average rating of "Moderate Buy" and a consensus price target of $660.28.

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.