Spotify Technology S.A. (NYSE:SPOT) Shares Purchased by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC raised its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 8.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 709 shares of the company’s stock after buying an additional 54 shares during the period. Miracle Mile Advisors LLC’s holdings in Spotify Technology were worth $390,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mpwm Advisory Solutions LLC purchased a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $26,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $27,000. Copia Wealth Management purchased a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $29,000. Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of Spotify Technology by 209.1% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company’s stock valued at $37,000 after purchasing an additional 46 shares during the period. Finally, Quent Capital LLC raised its stake in shares of Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after purchasing an additional 57 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SPOT shares. China Renaissance started coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They set a “buy” rating and a $740.00 price objective on the stock. Loop Capital lifted their price objective on shares of Spotify Technology from $435.00 to $550.00 and gave the company a “hold” rating in a research note on Friday, May 2nd. Macquarie lifted their price objective on shares of Spotify Technology from $600.00 to $665.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. KeyCorp dropped their price objective on shares of Spotify Technology from $675.00 to $625.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 9th. Finally, Redburn Atlantic assumed coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price target for the company. Eight analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $611.14.

Spotify Technology Stock Performance

Shares of SPOT opened at $692.62 on Wednesday. Spotify Technology S.A. has a 1 year low of $288.07 and a 1 year high of $717.87. The company has a market cap of $141.78 billion, a price-to-earnings ratio of 116.41 and a beta of 1.68. The firm has a fifty day moving average of $618.26 and a 200-day moving average of $561.98.

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 the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. 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 firm posted $0.97 EPS. The business’s revenue was up 15.2% compared to the same quarter last year. 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.