648 Shares in Spotify Technology (NYSE:SPOT) Acquired by Oak Thistle LLC

Key Points

• Oak Thistle LLC acquired a new stake in Spotify Technology, purchasing 648 shares valued at approximately $356,000 in the first quarter.
• Spotify reported $1.13 earnings per share (EPS) for the last quarter, which fell short of analysts' expectations of $2.29, despite a revenue increase of 15.2% year-over-year.
• Stock price targets from various brokerages for Spotify have been adjusted upward, with JPMorgan Chase setting a new target of $780.00, indicating positive sentiment among analysts.

Oak Thistle LLC bought a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 648 shares of the company's stock, valued at approximately $356,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Mpwm Advisory Solutions LLC bought a new position in Spotify Technology in the 4th quarter valued at $26,000. Tsfg LLC bought a new position in Spotify Technology in the 1st quarter valued at $28,000. Copia Wealth Management bought a new position in Spotify Technology in the 4th quarter valued at $29,000. Cornerstone Planning Group LLC raised its position in Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after purchasing an additional 41 shares during the last quarter. Finally, North Star Investment Management Corp. raised its position in shares of Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $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 1.7%

Shares of Spotify Technology stock traded up $11.43 on Friday, hitting $692.85. The stock had a trading volume of 1,756,975 shares, compared to its average volume of 1,713,343. Spotify Technology has a twelve month low of $300.57 and a twelve month high of $785.00. The business's 50 day moving average is $701.36 and its two-hundred day moving average is $618.42. The stock has a market cap of $141.83 billion, a price-to-earnings ratio of 114.90, a price-to-earnings-growth ratio of 1.84 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The firm had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same period in the previous year, the company posted $0.97 EPS. Spotify Technology's revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, equities analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company boosted their target price on Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a research report on Friday, March 28th. Deutsche Bank Aktiengesellschaft boosted their target price on Spotify Technology from $700.00 to $775.00 and gave the stock a "buy" rating in a research report on Wednesday. Oppenheimer upgraded Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 target price for the company in a research report on Thursday. UBS Group boosted their target price on Spotify Technology from $680.00 to $895.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. Finally, The Goldman Sachs Group lifted their price objective on Spotify Technology from $680.00 to $775.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $727.52.

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.