Spotify Technology (NYSE:SPOT) Shares Purchased by Transcend Capital Advisors LLC

Transcend Capital Advisors LLC increased its stake in Spotify Technology (NYSE:SPOT - Free Report) by 61.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,897 shares of the company's stock after purchasing an additional 721 shares during the period. Transcend Capital Advisors LLC's holdings in Spotify Technology were worth $1,043,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Beacon Financial Advisory LLC acquired a new stake in Spotify Technology during the 1st quarter valued at approximately $221,000. Board of the Pension Protection Fund acquired a new stake in Spotify Technology during the 1st quarter valued at approximately $1,210,000. CNB Bank acquired a new stake in Spotify Technology during the 1st quarter valued at approximately $304,000. PDS Planning Inc lifted its stake in Spotify Technology by 62.7% during the 1st quarter. PDS Planning Inc now owns 1,059 shares of the company's stock valued at $582,000 after acquiring an additional 408 shares during the period. Finally, Austin Asset Management Co Inc acquired a new stake in Spotify Technology during the 1st quarter valued at approximately $213,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Down 0.4%

Shares of SPOT traded down $3.39 during trading on Friday, reaching $772.52. The company's stock had a trading volume of 2,792,218 shares, compared to its average volume of 2,208,809. The company has a market cap of $158.14 billion, a price-to-earnings ratio of 128.11, a P/E/G ratio of 2.02 and a beta of 1.68. Spotify Technology has a twelve month low of $288.07 and a twelve month high of $785.00. The company has a fifty day moving average of $664.99 and a two-hundred day moving average of $584.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly 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). The firm 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 period in the prior year, the company posted $0.97 earnings per share. As a group, equities analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SPOT has been the subject of several research reports. Bank of America lifted their price objective on shares of Spotify Technology from $700.00 to $900.00 and gave the company a "buy" rating in a research note on Thursday. Sanford C. Bernstein upgraded shares of Spotify Technology to a "strong-buy" rating in a research note on Tuesday, June 3rd. Wells Fargo & Company boosted their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research note on Friday, March 28th. JPMorgan Chase & Co. boosted their target price on shares of Spotify Technology from $670.00 to $730.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Finally, Rosenblatt Securities decreased their target price on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a research note on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, eight have assigned 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.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $654.93.

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.