IPG Investment Advisors LLC Takes $234,000 Position in Spotify Technology (NYSE:SPOT)

Key Points

• IPG Investment Advisors LLC has initiated a new position in Spotify Technology, acquiring 426 shares valued at approximately $234,000.
• Spotify Technology reported a net loss of ($0.42) earnings per share, significantly missing the consensus estimate of $2.00, despite generating $4.94 billion in revenue for the quarter.
• Analysts have set a mixed outlook for Spotify Technology, with several increasing price targets, and the average consensus price target currently stands at $718.90.

IPG Investment Advisors LLC acquired a new stake in 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 fund acquired 426 shares of the company's stock, valued at approximately $234,000.

Other large investors have also modified their holdings of the company. Hartford Investment Management Co. grew its position in shares of Spotify Technology by 1.1% during the first quarter. Hartford Investment Management Co. now owns 1,449 shares of the company's stock worth $797,000 after buying an additional 16 shares in the last quarter. HM Payson & Co. increased its position in shares of Spotify Technology by 39.1% in the 1st quarter. HM Payson & Co. now owns 64 shares of the company's stock worth $35,000 after purchasing an additional 18 shares during the last quarter. North Star Investment Management Corp. raised its stake 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 purchasing an additional 19 shares in the last quarter. Adero Partners LLC grew its stake in Spotify Technology by 0.7% in the first quarter. Adero Partners LLC now owns 2,635 shares of the company's stock worth $1,449,000 after purchasing an additional 19 shares in the last quarter. Finally, Covenant Partners LLC raised its stake in Spotify Technology by 2.5% during the fourth quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock valued at $458,000 after buying an additional 25 shares in the last quarter. Institutional investors own 84.09% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SPOT shares. Macquarie raised their price objective on Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Benchmark lowered their price objective on shares of Spotify Technology from $840.00 to $800.00 and set a "buy" rating for the company in a research report on Wednesday, July 30th. Pivotal Research lifted their target price on Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Cantor Fitzgerald boosted their price objective on Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a research report on Wednesday, June 18th. Finally, Rosenblatt Securities reduced their target price on shares of Spotify Technology from $703.00 to $679.00 and set a "neutral" rating for the company in a research note on Wednesday, July 30th. Ten research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $718.90.

Spotify Technology Stock Up 3.1%

Shares of NYSE:SPOT traded up $20.64 during midday trading on Thursday, reaching $687.45. 2,441,891 shares of the company were exchanged, compared to its average volume of 2,685,037. The firm has a market cap of $140.73 billion, a PE ratio of 166.86, a P/E/G ratio of 2.89 and a beta of 1.69. Spotify Technology has a fifty-two week low of $319.07 and a fifty-two week high of $785.00. The stock has a fifty day simple moving average of $700.75 and a two-hundred day simple moving average of $627.08.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share (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 business had revenue of $4.94 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the previous year, the firm posted $1.33 earnings per share. The firm's quarterly revenue was up 10.1% on a year-over-year basis. As a group, analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

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.