Spotify Technology (NYSE:SPOT) Shares Purchased by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC lifted its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 21.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,409 shares of the company's stock after purchasing an additional 595 shares during the quarter. Axxcess Wealth Management LLC's holdings in Spotify Technology were worth $1,875,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in SPOT. Cornerstone Planning Group LLC increased its position in shares of Spotify Technology by 512.5% during the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after acquiring an additional 41 shares during the last quarter. Tsfg LLC bought a new stake in Spotify Technology during the first quarter worth approximately $28,000. North Star Investment Management Corp. raised its holdings in Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after purchasing an additional 19 shares in the last quarter. Mpwm Advisory Solutions LLC bought a new position in shares of Spotify Technology in the fourth quarter valued at $26,000. Finally, Hillsdale Investment Management Inc. bought a new position in shares of Spotify Technology in the fourth quarter valued at $27,000. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Stock Down 1.8%

SPOT opened at $709.35 on Friday. The company has a market capitalization of $145.21 billion, a price-to-earnings ratio of 117.64, a PEG ratio of 1.90 and a beta of 1.68. The firm has a 50-day moving average price of $688.46 and a 200-day moving average price of $599.23. Spotify Technology has a twelve month low of $288.07 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate 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 the consensus estimate of $4.22 billion. During the same quarter in the previous year, the firm earned $0.97 earnings per share. The company's revenue for the quarter was up 15.2% compared to the same quarter last year. On average, sell-side analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on SPOT. Benchmark boosted their target price on shares of Spotify Technology from $700.00 to $840.00 and gave the company a "buy" rating in a research note on Thursday. FBN Securities assumed coverage on shares of Spotify Technology in a report on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price objective for the company. Wells Fargo & Company upped their price target on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a report on Friday, March 28th. Cantor Fitzgerald upped their price target 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. Finally, Wolfe Research raised shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective for the company in a research report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $681.27.

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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