Financial Counselors Inc. Purchases Shares of 8,848 Spotify Technology (NYSE:SPOT)

Financial Counselors Inc. purchased a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 8,848 shares of the company's stock, valued at approximately $4,867,000.

Several other institutional investors and hedge funds have also modified their holdings of SPOT. Steward Partners Investment Advisory LLC boosted its stake in shares of Spotify Technology by 4.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,072 shares of the company's stock worth $927,000 after acquiring an additional 85 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Spotify Technology by 108.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 150,804 shares of the company's stock valued at $67,467,000 after buying an additional 78,499 shares in the last quarter. Victory Capital Management Inc. purchased a new position in shares of Spotify Technology during the 4th quarter valued at $19,958,000. Proficio Capital Partners LLC purchased a new position in shares of Spotify Technology during the 4th quarter valued at $281,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Spotify Technology during the 4th quarter valued at $55,637,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Performance

Spotify Technology stock traded down $15.42 during trading hours on Tuesday, hitting $720.87. The company had a trading volume of 1,773,524 shares, compared to its average volume of 2,305,664. The firm has a market cap of $147.57 billion, a P/E ratio of 119.55, a P/E/G ratio of 1.91 and a beta of 1.68. Spotify Technology has a 1 year low of $288.07 and a 1 year high of $785.00. The company has a 50-day moving average price of $681.30 and a two-hundred day moving average price of $595.75.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same period in the previous year, the company posted $0.97 EPS. Spotify Technology's revenue for the quarter was up 15.2% on a year-over-year basis. As a group, equities research analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. KeyCorp lowered their target price on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Pivotal Research lifted their target price on shares of Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Robert W. Baird lifted their target price on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Rosenblatt Securities reduced their price target on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. Finally, Sanford C. Bernstein lifted their price target on shares of Spotify Technology from $825.00 to $840.00 and gave the company an "outperform" rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, Spotify Technology currently has an average rating of "Moderate Buy" and a consensus target price of $666.27.

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.