Florida Financial Advisors LLC Acquires Shares of 992 Spotify Technology (NYSE:SPOT)

Florida Financial Advisors LLC bought a new position in Spotify Technology (NYSE:SPOT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 992 shares of the company's stock, valued at approximately $546,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Zullo Investment Group Inc. increased its stake in shares of Spotify Technology by 2.2% in the first quarter. Zullo Investment Group Inc. now owns 1,180 shares of the company's stock valued at $649,000 after buying an additional 25 shares during the period. LRI Investments LLC increased its stake in shares of Spotify Technology by 9.7% in the first quarter. LRI Investments LLC now owns 860 shares of the company's stock valued at $473,000 after buying an additional 76 shares during the period. Westmount Partners LLC acquired a new position in shares of Spotify Technology in the first quarter valued at approximately $211,000. Schechter Investment Advisors LLC acquired a new position in shares of Spotify Technology in the first quarter valued at approximately $386,000. Finally, FUKOKU MUTUAL LIFE INSURANCE Co increased its stake in shares of Spotify Technology by 26.8% in the first quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 630 shares of the company's stock valued at $347,000 after buying an additional 133 shares during the period. Institutional investors own 84.09% of the company's stock.

Spotify Technology Trading Up 2.2%

Shares of SPOT traded up $15.40 during trading hours on Thursday, reaching $720.95. The stock had a trading volume of 1,657,310 shares, compared to its average volume of 2,219,196. Spotify Technology has a 12 month low of $288.07 and a 12 month high of $785.00. The firm has a 50-day simple moving average of $695.14 and a 200 day simple moving average of $608.01. The company has a market capitalization of $147.59 billion, a price-to-earnings ratio of 119.56, a P/E/G ratio of 1.88 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 the consensus estimate of $4.22 billion. During the same quarter in the prior year, the business earned $0.97 earnings per share. Spotify Technology's revenue for the quarter was up 15.2% on a year-over-year basis. On average, equities analysts forecast that Spotify Technology will post 10.3 EPS for the current year.

Analyst Ratings Changes

SPOT has been the subject of a number of recent analyst reports. Sanford C. Bernstein increased their target price on shares of Spotify Technology from $825.00 to $840.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. The Goldman Sachs Group increased their target price on shares of Spotify Technology from $680.00 to $775.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company increased their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research report on Friday, March 28th. Phillip Securities raised shares of Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. Finally, Robert W. Baird increased their target price on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, Spotify Technology presently has an average rating of "Moderate Buy" and an average price target of $701.31.

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.