Net Worth Advisory Group Takes $738,000 Position in Spotify Technology S.A. (NYSE:SPOT)

Net Worth Advisory Group bought a new stake in Spotify Technology S.A. (NYSE:SPOT) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,342 shares of the company’s stock, valued at approximately $738,000.

A number of other hedge funds also recently modified their holdings of SPOT. Fifth Third Bancorp raised its holdings in shares of Spotify Technology by 30.7% during the first quarter. Fifth Third Bancorp now owns 302 shares of the company’s stock worth $166,000 after acquiring an additional 71 shares in the last quarter. Simon Quick Advisors LLC purchased a new stake in shares of Spotify Technology during the first quarter worth $707,000. Focus Financial Network Inc. raised its holdings in shares of Spotify Technology by 11.4% during the first quarter. Focus Financial Network Inc. now owns 577 shares of the company’s stock worth $317,000 after acquiring an additional 59 shares in the last quarter. Northeast Investment Management raised its holdings in shares of Spotify Technology by 13.0% during the first quarter. Northeast Investment Management now owns 18,658 shares of the company’s stock worth $10,262,000 after acquiring an additional 2,141 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Spotify Technology by 124.1% during the first quarter. Assenagon Asset Management S.A. now owns 82,561 shares of the company’s stock worth $45,411,000 after acquiring an additional 45,717 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several recent research reports. Phillip Securities upgraded Spotify Technology to a “moderate sell” rating in a report on Monday, May 5th. Macquarie raised their target price on Spotify Technology from $600.00 to $665.00 and gave the company an “outperform” rating in a report on Friday, April 25th. Canaccord Genuity Group restated a “buy” rating on shares of Spotify Technology in a report on Friday, June 6th. Redburn Atlantic started coverage on Spotify Technology in a report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 target price on the stock. Finally, FBN Securities started coverage on Spotify Technology in a report on Friday, March 28th. They set a “sector perform” rating and a $645.00 target price on the stock. Eight equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $611.14.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $708.23 on Thursday. The company has a market cap of $144.98 billion, a P/E ratio of 119.03 and a beta of 1.68. The stock’s 50-day moving average is $622.37 and its 200-day moving average is $562.99. Spotify Technology S.A. has a 52-week low of $288.07 and a 52-week high of $717.87.

Spotify Technology (NYSE:SPOT) last released 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 return on equity of 25.56% and a net margin of 7.26%. The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same period last year, the business earned $0.97 earnings per share. The firm’s quarterly revenue was up 15.2% compared to the same quarter last year. As a group, equities analysts predict that Spotify Technology S.A. will post 10.3 EPS 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.