Park Avenue Securities LLC Buys 4,535 Shares of Spotify Technology S.A. (NYSE:SPOT)

Park Avenue Securities LLC raised its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 89.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,597 shares of the company's stock after purchasing an additional 4,535 shares during the period. Park Avenue Securities LLC's holdings in Spotify Technology were worth $5,278,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Mpwm Advisory Solutions LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at $26,000. Hillsdale Investment Management Inc. acquired a new position in shares of Spotify Technology in the 4th quarter valued at $27,000. Copia Wealth Management acquired a new position in shares of Spotify Technology in the 4th quarter valued at $29,000. Thurston Springer Miller Herd & Titak Inc. increased 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 purchasing 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 4th quarter. Quent Capital LLC now owns 99 shares of the company's stock worth $44,000 after purchasing an additional 57 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Loop Capital increased their target price on shares of Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research report on Friday, May 2nd. Rosenblatt Securities dropped their target price on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a research report on Wednesday, April 30th. China Renaissance assumed coverage on shares of Spotify Technology in a research report on Wednesday, March 26th. They set a "buy" rating and a $740.00 target price for the company. Citigroup increased their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a "neutral" rating in a research report on Friday, February 14th. Finally, Phillip Securities upgraded shares of Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. Eight analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $611.14.

Spotify Technology Stock Down 0.9%

Spotify Technology stock traded down $6.50 during midday trading on Tuesday, hitting $692.62. 1,694,662 shares of the stock were exchanged, compared to its average volume of 2,215,329. The company has a fifty day simple moving average of $615.58 and a two-hundred day simple moving average of $561.07. Spotify Technology S.A. has a 52 week low of $288.07 and a 52 week high of $717.87. The stock has a market capitalization of $141.78 billion, a PE ratio of 116.41 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data 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). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the previous year, the business earned $0.97 EPS. The firm's revenue was up 15.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Spotify Technology S.A. will post 10.3 EPS for the current fiscal year.

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.