Spotify Technology (NYSE:SPOT) Shares Acquired by Private Advisor Group LLC

Private Advisor Group LLC raised its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 21.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,951 shares of the company's stock after buying an additional 692 shares during the period. Private Advisor Group LLC's holdings in Spotify Technology were worth $2,173,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of SPOT. HM Payson & Co. grew its holdings in Spotify Technology by 39.1% in the first quarter. HM Payson & Co. now owns 64 shares of the company's stock worth $35,000 after purchasing an additional 18 shares during the last quarter. North Star Investment Management Corp. grew its stake in Spotify Technology by 52.8% during 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 in the last quarter. Adero Partners LLC boosted its holdings in Spotify Technology by 0.7% in the 1st quarter. Adero Partners LLC now owns 2,635 shares of the company's stock valued at $1,449,000 after purchasing an additional 19 shares during the last quarter. Covenant Partners LLC boosted its holdings in Spotify Technology by 2.5% in the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock valued at $458,000 after purchasing an additional 25 shares during the last quarter. Finally, Trifecta Capital Advisors LLC lifted its holdings in shares of Spotify Technology by 33.3% in the 1st quarter. Trifecta Capital Advisors LLC now owns 100 shares of the company's stock worth $55,000 after acquiring an additional 25 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

SPOT stock traded up $11.43 during midday trading on Friday, reaching $692.85. The stock had a trading volume of 1,756,975 shares, compared to its average volume of 1,713,343. The firm has a fifty day simple moving average of $700.63 and a two-hundred day simple moving average of $615.88. The stock has a market cap of $141.83 billion, a PE ratio of 114.90, a P/E/G ratio of 1.81 and a beta of 1.68. Spotify Technology has a 52-week low of $300.57 and a 52-week high of $785.00.

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 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 company had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter in the previous year, the business posted $0.97 EPS. The business's quarterly revenue was up 15.2% on a year-over-year basis. On average, sell-side analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Ratings Changes

SPOT has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a research note on Friday, March 28th. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price for the company in a report on Monday, April 21st. UBS Group lifted their price target on shares of Spotify Technology from $680.00 to $895.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Canaccord Genuity Group boosted their target price on shares of Spotify Technology from $775.00 to $850.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Finally, Pivotal Research upped their price target on shares of Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $727.52.

Spotify Technology 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.