First Affirmative Financial Network Purchases New Position in Spotify Technology S.A. (NYSE:SPOT)

First Affirmative Financial Network purchased a new stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 487 shares of the company's stock, valued at approximately $268,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Pines Wealth Management LLC increased its stake in Spotify Technology by 4.6% in the first quarter. Pines Wealth Management LLC now owns 656 shares of the company's stock valued at $340,000 after purchasing an additional 29 shares during the period. SeaCrest Wealth Management LLC increased its stake in Spotify Technology by 41.3% in the first quarter. SeaCrest Wealth Management LLC now owns 2,552 shares of the company's stock valued at $1,404,000 after purchasing an additional 746 shares during the period. Annex Advisory Services LLC acquired a new position in Spotify Technology in the first quarter valued at $18,925,000. AMS Capital Ltda acquired a new position in Spotify Technology in the first quarter valued at $1,000,000. Finally, Thurston Springer Miller Herd & Titak Inc. increased its stake in Spotify Technology by 209.1% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company's stock valued at $37,000 after purchasing an additional 46 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of recent research reports. Rosenblatt Securities dropped their price objective on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 30th. Citigroup lifted their price objective on shares of Spotify Technology from $540.00 to $720.00 and gave the company a "neutral" rating in a research note on Friday, February 14th. FBN Securities initiated coverage on shares of Spotify Technology in a research note on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price objective on the stock. Evercore ISI dropped their price objective on shares of Spotify Technology from $700.00 to $650.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Finally, UBS Group reissued an "overweight" rating on shares of Spotify Technology in a report on Friday. Eight equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $611.14.

Spotify Technology Trading Down 0.1%

Shares of SPOT opened at $712.24 on Friday. The firm's 50-day moving average is $612.90 and its two-hundred day moving average is $558.90. Spotify Technology S.A. has a twelve month low of $288.07 and a twelve month high of $717.87. The firm has a market capitalization of $145.80 billion, a P/E ratio of 119.70 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued 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 return on equity of 25.56% and a net margin of 7.26%. The business had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. During the same period last year, the business earned $0.97 earnings per share. The company's revenue for the quarter was up 15.2% on a year-over-year basis. Analysts predict that Spotify Technology S.A. will post 10.3 EPS for the current year.

About Spotify Technology

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.

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