Slow Capital Inc. Buys 8,344 Shares of Spotify Technology (NYSE:SPOT)

Slow Capital Inc. raised its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 52.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,272 shares of the company's stock after purchasing an additional 8,344 shares during the quarter. Spotify Technology accounts for about 1.8% of Slow Capital Inc.'s holdings, making the stock its 15th biggest holding. Slow Capital Inc.'s holdings in Spotify Technology were worth $13,350,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of SPOT. HM Payson & Co. lifted its position in shares of Spotify Technology by 39.1% in the 1st quarter. HM Payson & Co. now owns 64 shares of the company's stock worth $35,000 after purchasing an additional 18 shares during the period. North Star Investment Management Corp. lifted its holdings in Spotify Technology by 52.8% in the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after buying an additional 19 shares during the period. Adero Partners LLC lifted its holdings in Spotify Technology by 0.7% in the first quarter. Adero Partners LLC now owns 2,635 shares of the company's stock worth $1,449,000 after buying an additional 19 shares during the period. Covenant Partners LLC lifted its stake in shares of 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 period. Finally, Trifecta Capital Advisors LLC lifted its stake 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 valued at $55,000 after purchasing an additional 25 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Price Performance

Shares of NYSE:SPOT traded down $4.71 during midday trading on Wednesday, hitting $705.75. The company had a trading volume of 1,328,021 shares, compared to its average volume of 2,217,284. The company has a fifty day moving average of $692.89 and a two-hundred day moving average of $605.46. The company has a market cap of $144.47 billion, a price-to-earnings ratio of 117.04, a PEG ratio of 1.90 and a beta of 1.68. Spotify Technology has a 12-month low of $288.07 and a 12-month 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 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 analysts' expectations of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business's quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.97 EPS. Research analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on SPOT. FBN Securities began coverage on Spotify Technology in a research report on Friday, March 28th. They set a "sector perform" rating and a $645.00 price objective for the company. Guggenheim lifted their price target on shares of Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. Cantor Fitzgerald lifted their target price on shares of Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a report on Wednesday, June 18th. China Renaissance initiated coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They set a "buy" rating and a $740.00 target price for the company. Finally, The Goldman Sachs Group lifted their price objective on Spotify Technology from $680.00 to $775.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat, the company presently 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.