Colonial River Investments LLC Buys 144 Shares of Spotify Technology (NYSE:SPOT)

Colonial River Investments LLC increased its stake in shares of Spotify Technology (NYSE:SPOT) by 8.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,915 shares of the company’s stock after acquiring an additional 144 shares during the quarter. Colonial River Investments LLC’s holdings in Spotify Technology were worth $1,053,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Mpwm Advisory Solutions LLC bought a new stake in Spotify Technology in the 4th quarter worth $26,000. Hillsdale Investment Management Inc. bought a new stake in Spotify Technology in the 4th quarter worth $27,000. Tsfg LLC bought a new stake in Spotify Technology in the 1st quarter worth $28,000. Copia Wealth Management bought a new stake in shares of Spotify Technology in the fourth quarter worth about $29,000. Finally, North Star Investment Management Corp. grew its stake in shares of 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 during the last quarter. Institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SPOT shares. Wolfe Research raised Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 target price on the stock in a research note on Monday, April 21st. Redburn Atlantic started coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price target on the stock. Canaccord Genuity Group reiterated a “buy” rating on shares of Spotify Technology in a report on Friday, June 6th. Bank of America lifted their price target on shares of Spotify Technology from $700.00 to $900.00 and gave the company a “buy” rating in a report on Thursday. Finally, JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $670.00 to $730.00 and gave the company an “overweight” rating in a research note on Wednesday, June 4th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $654.93.

Spotify Technology Trading Down 0.4%

Spotify Technology stock opened at $772.52 on Friday. The business’s fifty day simple moving average is $664.99 and its two-hundred day simple moving average is $583.26. Spotify Technology has a 12 month low of $288.07 and a 12 month high of $785.00. The company has a market capitalization of $158.14 billion, a price-to-earnings ratio of 128.11, a price-to-earnings-growth ratio of 2.03 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 (EPS) for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.97 EPS. On average, equities research analysts predict that Spotify Technology 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.