True Vision MN LLC Takes $377,000 Position in Spotify Technology (NYSE:SPOT)

True Vision MN LLC purchased a new stake in Spotify Technology (NYSE:SPOT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 685 shares of the company's stock, valued at approximately $377,000.

Several other hedge funds have also added to or reduced their stakes in SPOT. Charles Schwab Investment Management Inc. boosted its position 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 worth $67,467,000 after buying an additional 78,499 shares during the period. Victory Capital Management Inc. acquired a new stake in Spotify Technology during the 4th quarter worth approximately $19,958,000. Proficio Capital Partners LLC bought a new stake in Spotify Technology during the fourth quarter valued at $281,000. PNC Financial Services Group Inc. boosted its position in Spotify Technology by 14.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 13,434 shares of the company's stock valued at $6,010,000 after acquiring an additional 1,671 shares during the last quarter. Finally, Larson Financial Group LLC boosted its position in Spotify Technology by 48.5% during the fourth quarter. Larson Financial Group LLC now owns 144 shares of the company's stock valued at $64,000 after acquiring an additional 47 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SPOT. Sanford C. Bernstein raised their price objective on shares of Spotify Technology from $825.00 to $840.00 and gave the company an "outperform" rating in a research note on Tuesday. Rosenblatt Securities lowered their target price on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a report on Wednesday, April 30th. Guggenheim increased their target price on shares of Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. JPMorgan Chase & Co. lifted their price objective on shares of Spotify Technology from $670.00 to $730.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 4th. Finally, UBS Group lifted their price objective on shares of Spotify Technology from $680.00 to $895.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. One 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's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $671.27.

Spotify Technology Stock Down 0.0%

Shares of NYSE:SPOT opened at $721.25 on Thursday. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $785.00. The stock has a market capitalization of $147.64 billion, a P/E ratio of 119.61, a PEG ratio of 1.90 and a beta of 1.68. The firm has a fifty day simple moving average of $686.31 and a two-hundred day simple moving average of $597.48.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted 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 firm had revenue of $4.41 billion for 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 firm's quarterly revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.97 earnings per share. On average, analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

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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