Spotify Technology (NYSE:SPOT) is Prakash Investment Advisors LLC's 7th Largest Position

Prakash Investment Advisors LLC raised its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 12.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 7,400 shares of the company's stock after purchasing an additional 800 shares during the period. Spotify Technology accounts for about 4.5% of Prakash Investment Advisors LLC's portfolio, making the stock its 7th largest position. Prakash Investment Advisors LLC's holdings in Spotify Technology were worth $4,070,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Mpwm Advisory Solutions LLC purchased a new position in Spotify Technology during the 4th quarter valued at about $26,000. Hillsdale Investment Management Inc. bought a new stake in shares of Spotify Technology in the 4th quarter valued at about $27,000. Tsfg LLC bought a new stake in shares of Spotify Technology in the 1st quarter valued at about $28,000. Copia Wealth Management bought a new stake in shares of Spotify Technology in the 4th quarter valued at about $29,000. Finally, North Star Investment Management Corp. boosted its holdings 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 buying an additional 19 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SPOT. Barclays lowered their price target on shares of Spotify Technology from $710.00 to $650.00 and set an "overweight" rating on the stock in a report on Wednesday, April 30th. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target on the stock in a report on Monday, April 21st. Loop Capital raised their price target on shares of Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a report on Friday, May 2nd. Canaccord Genuity Group restated a "buy" rating on shares of Spotify Technology in a report on Friday, June 6th. Finally, Sanford C. Bernstein upgraded shares of Spotify Technology to a "strong-buy" rating in a report on Tuesday, June 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $654.93.

Spotify Technology Trading Down 0.4%

NYSE SPOT traded down $3.39 on Friday, hitting $772.52. 2,792,218 shares of the company's stock traded hands, compared to its average volume of 2,208,809. Spotify Technology has a 1-year low of $288.07 and a 1-year high of $785.00. The firm's 50-day moving average price is $664.99 and its two-hundred day moving average price is $584.00. The firm has a market capitalization of $158.14 billion, a PE ratio of 128.11, a P/E/G ratio of 2.02 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The business's revenue was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.97 earnings per share. On average, research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

About Spotify Technology

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.