Merit Financial Group LLC raised its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 28.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,180 shares of the company's stock after purchasing an additional 932 shares during the period. Merit Financial Group LLC's holdings in Spotify Technology were worth $2,299,000 as of its most recent SEC filing.
A number of other hedge funds have also recently bought and sold shares of SPOT. Auxano Advisors LLC lifted its holdings in shares of Spotify Technology by 2.5% during the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company's stock worth $370,000 after acquiring an additional 20 shares during the period. SRS Capital Advisors Inc. lifted its holdings in shares of Spotify Technology by 4.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company's stock worth $256,000 after acquiring an additional 25 shares during the period. Covenant Partners LLC lifted its holdings in shares of Spotify Technology by 2.5% during the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock worth $458,000 after acquiring an additional 25 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of Spotify Technology by 5.4% during the 4th quarter. First Horizon Advisors Inc. now owns 504 shares of the company's stock worth $225,000 after acquiring an additional 26 shares during the period. Finally, Harbour Investments Inc. lifted its holdings in shares of Spotify Technology by 13.3% during the 4th quarter. Harbour Investments Inc. now owns 222 shares of the company's stock worth $99,000 after acquiring an additional 26 shares during the period. 84.09% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of equities analysts have recently commented on the stock. UBS Group reduced their price objective on shares of Spotify Technology from $690.00 to $680.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Evercore ISI dropped their target price on shares of Spotify Technology from $700.00 to $650.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Redburn Atlantic initiated coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 target price for the company. Rosenblatt Securities dropped their target price on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a research report on Wednesday, April 30th. Finally, KeyCorp dropped their target price on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Eight equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and an average target price of $611.14.
Get Our Latest Stock Analysis on SPOT
Spotify Technology Trading Up 1.6%
Shares of NYSE SPOT opened at $712.25 on Friday. The firm has a market capitalization of $145.80 billion, a PE ratio of 119.71 and a beta of 1.72. Spotify Technology S.A. has a 1 year low of $288.07 and a 1 year high of $717.87. The firm's 50-day moving average is $609.69 and its 200-day moving average is $556.57.
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 the consensus estimate of $2.29 by ($1.16). The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The firm's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period last year, the business posted $0.97 EPS. As a group, equities research analysts anticipate that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.
Spotify Technology Company Profile
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Free Report)
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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