Traveka Wealth LLC Takes $240,000 Position in Spotify Technology (NYSE:SPOT)

Traveka Wealth LLC bought a new stake in shares of Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 436 shares of the company's stock, valued at approximately $240,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Thrivent Financial for Lutherans lifted its position in shares of Spotify Technology by 566.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock valued at $3,541,000 after acquiring an additional 6,782 shares in the last quarter. Steward Partners Investment Advisory LLC raised its stake in Spotify Technology by 4.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,072 shares of the company's stock valued at $927,000 after purchasing an additional 85 shares during the period. Amundi raised its stake in Spotify Technology by 194.2% during the 4th quarter. Amundi now owns 750,030 shares of the company's stock valued at $359,812,000 after purchasing an additional 495,087 shares during the period. O Shaughnessy Asset Management LLC raised its stake in Spotify Technology by 18.5% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 22,598 shares of the company's stock valued at $10,110,000 after purchasing an additional 3,536 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Spotify Technology by 108.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 150,804 shares of the company's stock valued at $67,467,000 after purchasing an additional 78,499 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SPOT. Wolfe Research raised Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price on the stock in a research note on Monday, April 21st. Macquarie lifted their target price on Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. Guggenheim lifted their target price on Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a research note on Wednesday, June 25th. FBN Securities began coverage on Spotify Technology in a research note on Friday, March 28th. They set a "sector perform" rating and a $645.00 target price on the stock. Finally, Barclays decreased their target price on Spotify Technology from $710.00 to $650.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $660.28.

Spotify Technology Stock Performance

SPOT stock traded up $14.48 during midday trading on Friday, reaching $723.98. 1,078,903 shares of the company traded hands, compared to its average volume of 2,228,612. Spotify Technology has a 52-week low of $288.07 and a 52-week high of $785.00. The business has a 50 day moving average of $678.50 and a 200-day moving average of $592.85. The firm has a market capitalization of $148.20 billion, a price-to-earnings ratio of 120.06, a P/E/G ratio of 1.91 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data 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). 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 analysts' expectations of $4.22 billion. During the same quarter last year, the company earned $0.97 earnings per share. The company's revenue for the quarter was up 15.2% on a year-over-year basis. Research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

Spotify Technology 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.