Schechter Investment Advisors LLC Buys Shares of 701 Spotify Technology (NYSE:SPOT)

Schechter Investment Advisors LLC bought a new position in Spotify Technology (NYSE:SPOT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 701 shares of the company's stock, valued at approximately $386,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. HM Payson & Co. boosted 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 acquiring an additional 18 shares in the last quarter. Adero Partners LLC lifted its holdings in shares of Spotify Technology by 0.7% during the first 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 in the last quarter. North Star Investment Management Corp. lifted its holdings in shares of Spotify Technology by 52.8% during the first 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 in the last quarter. Covenant Partners LLC increased its position in Spotify Technology by 2.5% in the fourth quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock worth $458,000 after buying an additional 25 shares in the last quarter. Finally, Trifecta Capital Advisors LLC grew its position in shares of Spotify Technology by 33.3% during the first quarter. Trifecta Capital Advisors LLC now owns 100 shares of the company's stock worth $55,000 after purchasing an additional 25 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Price Performance

NYSE:SPOT traded down $26.01 during trading hours on Friday, hitting $694.90. The company had a trading volume of 2,148,692 shares, compared to its average volume of 2,220,527. The stock has a 50-day moving average price of $696.06 and a 200 day moving average price of $609.71. The company has a market capitalization of $142.25 billion, a PE ratio of 115.24, a price-to-earnings-growth ratio of 1.92 and a beta of 1.68. Spotify Technology has a 52 week low of $290.13 and a 52 week high of $785.00.

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 (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The firm's quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.97 earnings per share. Analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Evercore ISI boosted their target price on Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a research note on Monday, June 16th. Wolfe Research upgraded Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target for the company in a research report on Monday, April 21st. Guggenheim increased their price objective on Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. KeyCorp lifted their target price on Spotify Technology from $640.00 to $860.00 and gave the company an "overweight" rating in a report on Friday, July 11th. Finally, Canaccord Genuity Group raised their price target on Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $701.31.

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.