Spotify Technology (NYSE:SPOT) Shares Purchased by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lifted its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 7.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,864 shares of the company's stock after purchasing 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 filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Mpwm Advisory Solutions LLC purchased a new stake in shares of Spotify Technology during the fourth quarter worth $26,000. Hillsdale Investment Management Inc. acquired a new position in Spotify Technology during the fourth quarter worth about $27,000. Copia Wealth Management purchased a new stake in Spotify Technology during the 4th quarter valued at about $29,000. North Star Investment Management Corp. raised its holdings in 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 acquiring an additional 19 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its stake in Spotify Technology by 209.1% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company's stock worth $37,000 after purchasing an additional 46 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SPOT. Canaccord Genuity Group reaffirmed a "buy" rating on shares of Spotify Technology in a report on Friday, June 6th. Cantor Fitzgerald upped their target price on Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a report on Wednesday, June 18th. China Renaissance started coverage on Spotify Technology in a report on Wednesday, March 26th. They set a "buy" rating and a $740.00 price target on the stock. Sanford C. Bernstein raised shares of Spotify Technology to a "strong-buy" rating in a research report on Tuesday, June 3rd. Finally, Robert W. Baird upped their price objective 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. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $654.93.

Spotify Technology Stock Performance

Shares of Spotify Technology stock traded up $4.86 during trading hours on Friday, reaching $780.76. 410,455 shares of the company were exchanged, compared to its average volume of 2,207,526. The firm has a market cap of $159.83 billion, a PE ratio of 129.49, a PEG ratio of 1.93 and a beta of 1.68. Spotify Technology has a 1 year low of $288.07 and a 1 year high of $786.50. The stock's fifty day moving average is $661.04 and its 200 day moving average is $581.19.

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

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.