West Family Investments Inc. Acquires Shares of 406 Spotify Technology (NYSE:SPOT)

West Family Investments Inc. bought a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 406 shares of the company's stock, valued at approximately $223,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SPOT. Mpwm Advisory Solutions LLC purchased a new stake in Spotify Technology in the fourth quarter worth $26,000. Hillsdale Investment Management Inc. bought a new position in shares of Spotify Technology during the 4th quarter worth $27,000. Tsfg LLC purchased a new stake in Spotify Technology in the 1st quarter worth about $28,000. Copia Wealth Management purchased a new stake in Spotify Technology in the 4th quarter worth about $29,000. Finally, Cornerstone Planning Group LLC raised its stake in Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after acquiring an additional 41 shares during the period. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Performance

Shares of SPOT opened at $710.37 on Wednesday. Spotify Technology has a fifty-two week low of $288.07 and a fifty-two week high of $785.00. The firm has a market cap of $145.42 billion, a price-to-earnings ratio of 117.81, a PEG ratio of 1.90 and a beta of 1.68. The firm has a 50 day moving average price of $692.89 and a 200-day moving average price of $605.46.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced 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). The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The firm's quarterly revenue was up 15.2% compared to the same quarter last year. During the same period last year, the business posted $0.97 earnings per share. As a group, equities research analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on SPOT. The Goldman Sachs Group lifted their target price on shares of Spotify Technology from $680.00 to $775.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. DZ Bank downgraded shares of Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a report on Friday, June 13th. Robert W. Baird lifted their price objective on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Loop Capital boosted their target price on shares of Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a report on Friday, May 2nd. Finally, Sanford C. Bernstein raised their price target on Spotify Technology from $825.00 to $840.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $701.31.

About Spotify Technology

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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