Journey Strategic Wealth LLC Makes New Investment in Spotify Technology (NYSE:SPOT)

Journey Strategic Wealth LLC acquired a new stake in shares of Spotify Technology (NYSE:SPOT) in the first quarter, HoldingsChannel.com reports. The fund acquired 389 shares of the company’s stock, valued at approximately $214,000.

Other institutional investors have also added to or reduced their stakes in the company. Mpwm Advisory Solutions LLC purchased a new stake in Spotify Technology during the 4th quarter valued at approximately $26,000. Tsfg LLC purchased a new stake in Spotify Technology during the 1st quarter valued at approximately $28,000. Copia Wealth Management purchased a new stake in Spotify Technology during the 4th quarter valued at approximately $29,000. Cornerstone Planning Group LLC grew its holdings in Spotify Technology by 512.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock valued at $29,000 after buying an additional 41 shares in the last quarter. Finally, North Star Investment Management Corp. grew its holdings 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 in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 1.7%

SPOT stock opened at $692.85 on Friday. The business’s fifty day simple moving average is $701.36 and its two-hundred day simple moving average is $618.42. Spotify Technology has a twelve month low of $300.57 and a twelve month high of $785.00. The firm has a market cap of $141.83 billion, a price-to-earnings ratio of 114.90, a PEG ratio of 1.84 and a beta of 1.68.

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 22.53% and a net margin of 7.19%. The business had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. During the same quarter in the previous year, the business earned $0.97 EPS. The business’s revenue for the quarter was up 15.2% on a year-over-year basis. Research analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Bank of America increased their price objective on shares of Spotify Technology from $700.00 to $900.00 and gave the company a “buy” rating in a report on Thursday, June 26th. Loop Capital increased their price objective on shares of Spotify Technology from $435.00 to $550.00 and gave the company a “hold” rating in a report on Friday, May 2nd. DZ Bank downgraded Spotify Technology from a “strong-buy” rating to a “strong sell” rating in a research report on Friday, June 13th. Pivotal Research increased their target price on Spotify Technology from $800.00 to $900.00 and gave the company a “buy” rating in a research report on Tuesday, June 17th. Finally, Canaccord Genuity Group increased their target price on Spotify Technology from $775.00 to $850.00 and gave the company a “buy” rating in a research report on Wednesday, July 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $727.52.

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.