Net Worth Advisory Group Acquires New Shares in Spotify Technology S.A. (NYSE:SPOT)

Net Worth Advisory Group purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,342 shares of the company's stock, valued at approximately $738,000.

A number of other institutional investors have also modified their holdings of SPOT. Stratos Wealth Partners LTD. increased its stake in Spotify Technology by 39.9% during the 4th quarter. Stratos Wealth Partners LTD. now owns 1,248 shares of the company's stock worth $558,000 after buying an additional 356 shares in the last quarter. Strategic Financial Concepts LLC acquired a new position in Spotify Technology in the fourth quarter valued at approximately $56,000. Stephens Inc. AR lifted its stake in Spotify Technology by 1.2% during the fourth quarter. Stephens Inc. AR now owns 3,736 shares of the company's stock worth $1,671,000 after purchasing an additional 45 shares in the last quarter. Kestra Private Wealth Services LLC lifted its stake in Spotify Technology by 30.7% during the fourth quarter. Kestra Private Wealth Services LLC now owns 1,412 shares of the company's stock worth $632,000 after purchasing an additional 332 shares in the last quarter. Finally, Savant Capital LLC raised its stake in shares of Spotify Technology by 9.8% in the fourth quarter. Savant Capital LLC now owns 1,052 shares of the company's stock valued at $470,000 after acquiring an additional 94 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Performance

SPOT traded down $7.28 on Thursday, reaching $701.86. The company had a trading volume of 1,021,429 shares, compared to its average volume of 2,212,577. The business has a 50 day simple moving average of $622.37 and a 200 day simple moving average of $562.99. The company has a market cap of $143.68 billion, a price-to-earnings ratio of 117.96 and a beta of 1.68. Spotify Technology S.A. has a 52-week low of $288.07 and a 52-week high of $717.87.

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 analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The company had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. During the same period in the previous year, the firm posted $0.97 earnings per share. The firm's revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, equities research analysts predict that Spotify Technology S.A. will post 10.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SPOT. Wells Fargo & Company raised their price objective on Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a report on Friday, March 28th. Phillip Securities upgraded shares of Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. JPMorgan Chase & Co. raised their price objective on shares of Spotify Technology from $670.00 to $730.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Citigroup lifted their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a "neutral" rating in a research note on Friday, February 14th. Finally, KeyCorp lowered their price objective on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Eight research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Spotify Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $611.14.

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.