Sagespring Wealth Partners LLC Purchases Shares of 582 Spotify Technology (NYSE:SPOT)

Sagespring Wealth Partners LLC purchased a new stake in shares of Spotify Technology (NYSE:SPOT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 582 shares of the company's stock, valued at approximately $320,000.

Several other hedge funds have also modified their holdings of the company. Adero Partners LLC raised its position in shares of 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. North Star Investment Management Corp. raised its position in shares of 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 purchasing an additional 19 shares during the last quarter. Auxano Advisors LLC raised its position in shares of Spotify Technology by 2.5% in the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company's stock valued at $370,000 after purchasing an additional 20 shares during the last quarter. SRS Capital Advisors Inc. raised its position in shares of Spotify Technology by 4.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company's stock valued at $256,000 after purchasing an additional 25 shares during the last quarter. Finally, Covenant Partners LLC raised its position in Spotify Technology by 2.5% during the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock worth $458,000 after buying an additional 25 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Down 1.5%

Shares of SPOT opened at $710.76 on Friday. Spotify Technology has a 52-week low of $288.07 and a 52-week high of $728.80. The firm's fifty day moving average is $643.00 and its two-hundred day moving average is $572.69. The stock has a market cap of $145.50 billion, a PE ratio of 117.87, a price-to-earnings-growth ratio of 1.86 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. 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 prior year, the firm earned $0.97 EPS. The firm's revenue was up 15.2% on a year-over-year basis. As a group, research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on SPOT shares. Cantor Fitzgerald raised their price target on shares of Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research report on Wednesday. Phillip Securities raised shares of Spotify Technology to a "moderate sell" rating in a research note on Monday, May 5th. Sanford C. Bernstein raised shares of Spotify Technology to a "strong-buy" rating in a research note on Tuesday, June 3rd. Redburn Atlantic began coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price objective on the stock. Finally, Robert W. Baird raised their price objective on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $630.28.

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.

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