Valeo Financial Advisors LLC Takes $211,000 Position in Spotify Technology (NYSE:SPOT)

Valeo Financial Advisors LLC purchased a new stake in shares of Spotify Technology (NYSE:SPOT - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 383 shares of the company's stock, valued at approximately $211,000.

A number of other hedge funds have also recently made changes to their positions in SPOT. Proficio Capital Partners LLC purchased a new position in shares of Spotify Technology during the 4th quarter valued at $281,000. Citizens Financial Group Inc. RI bought a new position in Spotify Technology in the fourth quarter valued at $206,000. Wealthfront Advisers LLC increased its stake in Spotify Technology by 42.6% in the fourth quarter. Wealthfront Advisers LLC now owns 1,125 shares of the company's stock valued at $503,000 after acquiring an additional 336 shares during the last quarter. HighTower Advisors LLC increased its stake in Spotify Technology by 5.0% in the fourth quarter. HighTower Advisors LLC now owns 17,383 shares of the company's stock valued at $7,777,000 after acquiring an additional 834 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its stake in Spotify Technology by 69.2% in the fourth quarter. Sequoia Financial Advisors LLC now owns 2,066 shares of the company's stock valued at $924,000 after acquiring an additional 845 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of research analyst reports. Canaccord Genuity Group increased their target price on Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Barclays increased their target price on Spotify Technology from $650.00 to $800.00 and gave the company an "overweight" rating in a research note on Wednesday. Robert W. Baird increased their target price on Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Macquarie upped their price target on shares of Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Finally, Pivotal Research upped their price target on shares of Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $701.31.

Spotify Technology Price Performance

SPOT stock opened at $708.82 on Friday. Spotify Technology has a 1 year low of $288.07 and a 1 year high of $785.00. The company has a market cap of $145.10 billion, a P/E ratio of 117.55, a PEG ratio of 1.87 and a beta of 1.68. The firm has a 50-day moving average of $689.79 and a 200 day moving average of $600.93.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results 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 return on equity of 22.53% and a net margin of 7.19%. The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the previous year, the company earned $0.97 earnings per share. Spotify Technology's quarterly revenue was up 15.2% on a year-over-year basis. On average, equities research analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal 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.

Want to see what other hedge funds are holding SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spotify Technology (NYSE:SPOT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.