PUREfi Wealth LLC Invests $304,000 in Spotify Technology (NYSE:SPOT)

PUREfi Wealth LLC acquired a new stake in Spotify Technology (NYSE:SPOT) in the 1st quarter, Holdings Channel.com reports. The institutional investor acquired 553 shares of the company’s stock, valued at approximately $304,000.

A number of other hedge funds also recently added to or reduced their stakes in SPOT. Mpwm Advisory Solutions LLC bought a new position in shares of Spotify Technology in the 4th quarter worth $26,000. Hillsdale Investment Management Inc. bought a new stake in Spotify Technology during the fourth quarter valued at about $27,000. Copia Wealth Management purchased a new position in Spotify Technology in the fourth quarter valued at about $29,000. North Star Investment Management Corp. raised its holdings in Spotify Technology by 52.8% in the first quarter. North Star Investment Management Corp. now owns 55 shares of the company’s stock worth $30,000 after purchasing an additional 19 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. raised its holdings in 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 purchasing an additional 46 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of recent analyst reports. UBS Group restated an “overweight” rating on shares of Spotify Technology in a report on Friday, June 6th. Robert W. Baird lifted their price target on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Cantor Fitzgerald reduced their price target on Spotify Technology from $600.00 to $520.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Sanford C. Bernstein raised Spotify Technology to a “strong-buy” rating in a research report on Tuesday, June 3rd. Finally, Barclays dropped their target price on Spotify Technology from $710.00 to $650.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $626.14.

Spotify Technology Price Performance

NYSE:SPOT opened at $721.44 on Wednesday. The company’s fifty day moving average price is $637.04 and its 200-day moving average price is $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 P/E ratio of 119.64, a PEG ratio of 1.75 and a beta of 1.68.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. Spotify Technology’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.97 earnings per share. Equities analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal 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.