Focus Financial Network Inc. Increases Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Focus Financial Network Inc. grew its position in Spotify Technology S.A. (NYSE:SPOT) by 11.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 577 shares of the company’s stock after buying an additional 59 shares during the quarter. Focus Financial Network Inc.’s holdings in Spotify Technology were worth $317,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mpwm Advisory Solutions LLC purchased a new stake in Spotify Technology during the 4th quarter worth about $26,000. Hillsdale Investment Management Inc. purchased a new stake in Spotify Technology during the 4th quarter worth about $27,000. Copia Wealth Management purchased a new stake in Spotify Technology during the 4th quarter worth about $29,000. Thurston Springer Miller Herd & Titak Inc. increased its position in Spotify Technology by 209.1% during the 1st 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. Finally, Quent Capital LLC increased its position in Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

NYSE:SPOT opened at $710.53 on Friday. Spotify Technology S.A. has a 12-month low of $288.07 and a 12-month high of $717.87. The business has a 50 day simple moving average of $629.98 and a 200 day simple moving average of $566.13. The firm has a market capitalization of $145.45 billion, a P/E ratio of 119.42 and a beta of 1.68.

Spotify Technology (NYSE:SPOT) last announced its 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 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 25.56% and a net margin of 7.26%. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same period last year, the firm earned $0.97 earnings per share. Research analysts anticipate that Spotify Technology S.A. will post 10.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Sanford C. Bernstein upgraded Spotify Technology to a “strong-buy” rating in a research report on Tuesday, June 3rd. Robert W. Baird raised their price target on Spotify Technology from $700.00 to $730.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Canaccord Genuity Group reissued a “buy” rating on shares of Spotify Technology in a research note on Friday, June 6th. China Renaissance initiated coverage on Spotify Technology in a research note on Wednesday, March 26th. They issued a “buy” rating and a $740.00 price target on the stock. Finally, FBN Securities initiated coverage on Spotify Technology in a research note on Friday, March 28th. They issued a “sector perform” rating and a $645.00 price objective on the stock. Eight investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $611.14.

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.