553 Shares in Spotify Technology (NYSE:SPOT) Purchased by PUREfi Wealth LLC

PUREfi Wealth LLC bought a new position in Spotify Technology (NYSE:SPOT) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 553 shares of the company’s stock, valued at approximately $304,000.

Other hedge funds have also recently made changes to their positions in the company. North Star Investment Management Corp. raised its stake in Spotify Technology by 52.8% during the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company’s stock valued at $30,000 after buying an additional 19 shares during the last quarter. Mpwm Advisory Solutions LLC purchased a new stake in shares of Spotify Technology during the 4th quarter valued at about $26,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Spotify Technology during the 4th quarter valued at about $27,000. Copia Wealth Management bought a new position in shares of Spotify Technology in the 4th quarter worth approximately $29,000. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of Spotify Technology by 209.1% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company’s stock worth $37,000 after buying an additional 46 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $721.44 on Wednesday. The business has a 50 day simple moving average of $637.04 and a two-hundred day simple moving average of $570.13. Spotify Technology has a 1 year low of $288.07 and a 1 year high of $728.80. The firm has a market capitalization of $147.69 billion, a PE ratio of 119.64, a price-to-earnings-growth ratio of 1.75 and a beta of 1.68.

Spotify Technology (NYSE:SPOT) last posted 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 business had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.22 billion. During the same quarter in the previous year, the firm earned $0.97 EPS. Spotify Technology’s revenue was up 15.2% compared to the same quarter last year. Equities research analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SPOT has been the subject of several analyst reports. Evercore ISI upped their price objective on Spotify Technology from $650.00 to $750.00 and gave the stock an “outperform” rating in a research note on Monday. UBS Group reiterated an “overweight” rating on shares of Spotify Technology in a research note on Friday, June 6th. Pivotal Research raised their target price on shares of Spotify Technology from $800.00 to $900.00 and gave the stock a “buy” rating in a research note on Tuesday. China Renaissance began coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They set a “buy” rating and a $740.00 price target on the stock. Finally, FBN Securities assumed coverage on shares of Spotify Technology in a research report on Friday, March 28th. They issued a “sector perform” rating and a $645.00 price target for the company. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $626.14.

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.