Greenleaf Trust Makes New Investment in Spotify Technology (NYSE:SPOT)

Greenleaf Trust acquired a new stake in shares of Spotify Technology (NYSE:SPOT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 453 shares of the company's stock, valued at approximately $249,000.

Several other hedge funds and other institutional investors have also made changes to their positions in SPOT. Mpwm Advisory Solutions LLC bought a new position in shares of Spotify Technology in the 4th quarter valued at about $26,000. Hillsdale Investment Management Inc. bought a new position in shares of Spotify Technology in the 4th quarter valued at about $27,000. Tsfg LLC bought a new position in shares of Spotify Technology in the 1st quarter valued at about $28,000. Copia Wealth Management bought a new position in shares of Spotify Technology in the 4th quarter valued at about $29,000. Finally, North Star Investment Management Corp. lifted its holdings in shares of Spotify Technology by 52.8% in the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after acquiring an additional 19 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Up 2.2%

SPOT stock traded up $15.40 during trading on Thursday, hitting $720.95. 1,657,310 shares of the company's stock traded hands, compared to its average volume of 2,219,196. The firm has a market capitalization of $147.59 billion, a P/E ratio of 119.56, a PEG ratio of 1.88 and a beta of 1.68. The business has a fifty day simple moving average of $695.14 and a two-hundred day simple moving average of $608.01. Spotify Technology has a 1 year low of $288.07 and a 1 year high of $785.00.

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 (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). The business had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The business's quarterly revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.97 earnings per share. On average, equities research analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on SPOT. Cantor Fitzgerald boosted their target price on Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a research report on Wednesday, June 18th. Loop Capital raised their price target on Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research note on Friday, May 2nd. JPMorgan Chase & Co. upped their price objective on Spotify Technology from $730.00 to $780.00 and gave the company an "overweight" rating in a research report on Friday, July 11th. Wells Fargo & Company increased their target price on Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a research note on Friday, March 28th. Finally, Benchmark increased their target price on Spotify Technology from $700.00 to $840.00 and gave the stock a "buy" rating in a research note on Thursday, July 10th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $701.31.

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.