Pallas Capital Advisors LLC Makes New $225,000 Investment in Spotify Technology S.A. (NYSE:SPOT)

Pallas Capital Advisors LLC acquired a new position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 409 shares of the company's stock, valued at approximately $225,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in SPOT. Mpwm Advisory Solutions LLC bought a new position in shares of Spotify Technology in the fourth quarter valued at approximately $26,000. Hillsdale Investment Management Inc. purchased a new position in Spotify Technology during the fourth quarter worth about $27,000. Copia Wealth Management purchased a new stake in Spotify Technology in the 4th quarter valued at about $29,000. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Spotify Technology by 209.1% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company's stock worth $37,000 after buying an additional 46 shares in the last quarter. Finally, Quent Capital LLC increased its position in shares of Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company's stock valued at $44,000 after acquiring an additional 57 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Spotify Technology Trading Up 1.3%

Shares of SPOT stock traded up $8.89 on Monday, reaching $719.74. 728,052 shares of the company's stock were exchanged, compared to its average volume of 2,203,341. The company's fifty day simple moving average is $629.98 and its 200 day simple moving average is $567.40. Spotify Technology S.A. has a 52 week low of $288.07 and a 52 week high of $723.22. The stock has a market capitalization of $147.34 billion, a PE ratio of 120.99 and a beta of 1.68.

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). The company had revenue of $4.41 billion for 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 company's quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.97 EPS. As a group, sell-side analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on SPOT shares. Redburn Atlantic began coverage on Spotify Technology in a research report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price target on the stock. Evercore ISI dropped their price objective on shares of Spotify Technology from $700.00 to $650.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $670.00 to $730.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Loop Capital boosted their price objective on shares of Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a research report on Friday, May 2nd. Finally, Sanford C. Bernstein raised Spotify Technology to a "strong-buy" rating in a research report on Tuesday, June 3rd. Eight equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average 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.