Westmount Partners LLC Takes $211,000 Position in Spotify Technology (NYSE:SPOT)

Westmount Partners LLC bought a new stake in Spotify Technology (NYSE:SPOT - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 384 shares of the company's stock, valued at approximately $211,000.

A number of other institutional investors and hedge funds also recently modified their holdings of SPOT. Mpwm Advisory Solutions LLC bought a new position in Spotify Technology in the 4th quarter valued at about $26,000. Hillsdale Investment Management Inc. bought a new position in Spotify Technology in the 4th quarter valued at about $27,000. Tsfg LLC bought a new position in Spotify Technology in the 1st quarter valued at about $28,000. Copia Wealth Management bought a new position in Spotify Technology in the 4th quarter valued at about $29,000. Finally, Cornerstone Planning Group LLC raised its holdings 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. 84.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SPOT has been the topic of several research analyst reports. Rosenblatt Securities lowered their price target on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. Canaccord Genuity Group increased their target price on shares of Spotify Technology from $775.00 to $850.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price on the stock in a research report on Monday, April 21st. Morgan Stanley increased their target price on shares of Spotify Technology from $700.00 to $850.00 and gave the stock an "overweight" rating in a research report on Thursday. Finally, FBN Securities started coverage on shares of Spotify Technology in a research report on Friday, March 28th. They set a "sector perform" rating and a $645.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $701.31.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $708.82 on Monday. 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 capitalization of $145.10 billion, a P/E ratio of 117.55, a P/E/G ratio of 1.88 and a beta of 1.68. The company's 50 day moving average price is $689.79 and its two-hundred day moving average price is $602.91.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share 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 during the quarter, compared to analyst estimates of $4.22 billion. The business's quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.97 EPS. On average, analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

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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