Spotify Technology (NYSE:SPOT) Stock Position Raised by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. grew its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 7.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 7,864 shares of the company's stock after buying an additional 543 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Spotify Technology were worth $4,325,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in SPOT. First Horizon Advisors Inc. grew its stake 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 valued at $225,000 after buying an additional 26 shares during the period. Wealthspire Advisors LLC acquired a new position in shares of Spotify Technology during the 4th quarter valued at $387,000. IFP Advisors Inc lifted its holdings in shares of Spotify Technology by 51.3% during the 4th quarter. IFP Advisors Inc now owns 578 shares of the company's stock valued at $259,000 after acquiring an additional 196 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Spotify Technology by 50.5% during the 4th quarter. Bank of New York Mellon Corp now owns 616,211 shares of the company's stock valued at $275,680,000 after acquiring an additional 206,650 shares in the last quarter. Finally, Amalgamated Bank lifted its holdings in shares of Spotify Technology by 0.7% during the 4th quarter. Amalgamated Bank now owns 10,300 shares of the company's stock valued at $4,608,000 after acquiring an additional 73 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Down 0.4%

Shares of SPOT traded down $3.39 during midday trading on Friday, hitting $772.52. The company had a trading volume of 2,792,218 shares, compared to its average volume of 2,208,809. The company's 50 day moving average price is $664.99 and its 200 day moving average price is $584.73. The stock has a market cap of $158.14 billion, a price-to-earnings ratio of 128.11, a PEG ratio of 2.03 and a beta of 1.68. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the prior year, the company earned $0.97 EPS. Spotify Technology's quarterly revenue was up 15.2% on a year-over-year basis. Equities analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on SPOT shares. FBN Securities started coverage on shares of Spotify Technology in a report on Friday, March 28th. They set a "sector perform" rating and a $645.00 target price on the stock. Robert W. Baird lifted their target price on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. KeyCorp reduced their target price on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Barclays reduced their target price on shares of Spotify Technology from $710.00 to $650.00 and set an "overweight" rating on the stock in a report on Wednesday, April 30th. Finally, Phillip Securities upgraded shares of Spotify Technology to a "moderate sell" rating in a report on Monday, May 5th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average target price of $654.93.

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.