Spotify Technology (NYSE:SPOT) Shares Purchased by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. grew its position in shares of Spotify Technology (NYSE:SPOT) by 38.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,384 shares of the company’s stock after purchasing an additional 384 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Spotify Technology were worth $761,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of SPOT. HM Payson & Co. boosted its stake in Spotify Technology by 39.1% during the first quarter. HM Payson & Co. now owns 64 shares of the company’s stock valued at $35,000 after buying an additional 18 shares in the last quarter. North Star Investment Management Corp. lifted its holdings in Spotify Technology by 52.8% in the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company’s stock valued at $30,000 after acquiring an additional 19 shares during the last quarter. Adero Partners LLC lifted its holdings in Spotify Technology by 0.7% in the 1st quarter. Adero Partners LLC now owns 2,635 shares of the company’s stock valued at $1,449,000 after acquiring an additional 19 shares during the last quarter. Covenant Partners LLC boosted its position in shares of Spotify Technology by 2.5% during the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company’s stock valued at $458,000 after purchasing an additional 25 shares in the last quarter. Finally, Trifecta Capital Advisors LLC grew its stake in shares of Spotify Technology by 33.3% in the 1st quarter. Trifecta Capital Advisors LLC now owns 100 shares of the company’s stock worth $55,000 after purchasing an additional 25 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Up 1.7%

Spotify Technology stock opened at $692.85 on Monday. Spotify Technology has a 1-year low of $300.57 and a 1-year high of $785.00. The firm’s fifty day simple moving average is $701.36 and its 200-day simple moving average is $619.39. The company has a market capitalization of $141.83 billion, a P/E ratio of 114.90, a P/E/G ratio of 1.87 and a beta of 1.68.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $4.22 billion. During the same period in the previous year, the company earned $0.97 earnings per share. The company’s quarterly revenue was up 15.2% compared to the same quarter last year. On average, equities research analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

SPOT has been the subject of several recent research reports. Phillip Securities raised shares of Spotify Technology to a “moderate sell” rating in a research note on Monday, May 5th. Oppenheimer upgraded Spotify Technology from a “market perform” rating to an “outperform” rating and set a $800.00 price objective for the company in a research report on Thursday. Macquarie raised their price objective on Spotify Technology from $600.00 to $665.00 and gave the stock an “outperform” rating in a research note on Friday, April 25th. UBS Group lifted their target price on Spotify Technology from $680.00 to $895.00 and gave the stock a “buy” rating in a report on Friday, June 27th. Finally, Barclays upped their target price on Spotify Technology from $650.00 to $800.00 and gave the company an “overweight” rating in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $727.52.

Spotify Technology 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.