430 Shares in Spotify Technology (NYSE:SPOT) Purchased by Foundations Investment Advisors LLC

Key Points

• Foundations Investment Advisors LLC has made a new investment of approximately $237,000 in Spotify Technology by acquiring 430 shares in the first quarter.
• Institutional investors own 84.09% of Spotify stock, with notable stakes increased by various firms, including Jennison Associates LLC and GAMMA Investing LLC.
• Analysts have a consensus rating of "Moderate Buy" for Spotify, with an average target price of $718.90 following several upgrades from major brokerages.

Foundations Investment Advisors LLC acquired a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 430 shares of the company's stock, valued at approximately $237,000.

Several other hedge funds have also recently bought and sold shares of SPOT. Mpwm Advisory Solutions LLC bought a new stake in shares of Spotify Technology during the 4th quarter worth approximately $26,000. Tsfg LLC acquired a new stake in shares of Spotify Technology during the 1st quarter worth approximately $28,000. Copia Wealth Management acquired a new position in Spotify Technology during the fourth quarter valued at approximately $29,000. Cornerstone Planning Group LLC raised its position in Spotify Technology by 512.5% during the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after purchasing an additional 41 shares in the last quarter. Finally, North Star Investment Management Corp. raised its position in Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after purchasing an additional 19 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Up 5.3%

NYSE:SPOT traded up $33.22 during trading hours on Monday, reaching $660.37. The company had a trading volume of 3,763,396 shares, compared to its average volume of 2,352,983. Spotify Technology has a twelve month low of $300.57 and a twelve month high of $785.00. The firm has a market cap of $135.18 billion, a price-to-earnings ratio of 160.28, a P/E/G ratio of 2.71 and a beta of 1.70. The business's 50-day simple moving average is $700.71 and its two-hundred day simple moving average is $625.45.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The firm had revenue of $4.94 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the prior year, the business earned $1.33 earnings per share. The business's quarterly revenue was up 10.1% on a year-over-year basis. As a group, equities analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on SPOT. Robert W. Baird boosted their price objective 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. Macquarie boosted their price objective on shares of Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. DZ Bank upgraded shares of Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price objective for the company in a research report on Wednesday, July 30th. Wells Fargo & Company boosted their price objective on shares of Spotify Technology from $740.00 to $750.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Finally, Guggenheim boosted their price objective on shares of Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. Nine research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $718.90.

Spotify Technology 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.