Chicago Partners Investment Group LLC Invests $171,000 in Spotify Technology (NYSE:SPOT)

Chicago Partners Investment Group LLC acquired a new position in Spotify Technology (NYSE:SPOT) during the 1st quarter, Holdings Channel.com reports. The institutional investor acquired 311 shares of the company’s stock, valued at approximately $171,000.

Several other hedge funds also recently made changes to their positions in the business. ASR Vermogensbeheer N.V. acquired a new position in shares of Spotify Technology in the 1st quarter worth approximately $1,943,000. Citizens Financial Group Inc. RI grew its stake in shares of Spotify Technology by 3.7% in the 1st quarter. Citizens Financial Group Inc. RI now owns 477 shares of the company’s stock worth $262,000 after purchasing an additional 17 shares during the last quarter. Primecap Management Co. CA grew its stake in shares of Spotify Technology by 17.3% in the 1st quarter. Primecap Management Co. CA now owns 257,815 shares of the company’s stock worth $141,806,000 after purchasing an additional 38,015 shares during the last quarter. Hemington Wealth Management grew its stake in shares of Spotify Technology by 77.8% in the 1st quarter. Hemington Wealth Management now owns 80 shares of the company’s stock worth $44,000 after purchasing an additional 35 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Spotify Technology by 4.1% in the 1st quarter. Vanguard Group Inc. now owns 922,064 shares of the company’s stock worth $507,163,000 after purchasing an additional 36,269 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Up 0.0%

NYSE SPOT opened at $689.27 on Wednesday. The stock has a market capitalization of $141.10 billion, a PE ratio of 167.30, a price-to-earnings-growth ratio of 2.98 and a beta of 1.69. The company has a 50 day moving average price of $703.29 and a two-hundred day moving average price of $633.48. Spotify Technology has a 12-month low of $319.07 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.00 by ($2.42). The business had revenue of $4.94 billion during the quarter, compared to analyst estimates of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. Spotify Technology’s revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.33 earnings per share. As a group, equities analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Canaccord Genuity Group lifted their price objective on shares of Spotify Technology from $775.00 to $850.00 and gave the stock a “buy” rating in a research note on Wednesday, July 2nd. Robert W. Baird raised their target price on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Barclays decreased their target price on shares of Spotify Technology from $800.00 to $750.00 and set an “overweight” rating for the company in a report on Wednesday, July 30th. Macquarie raised their target price on shares of Spotify Technology from $600.00 to $665.00 and gave the stock an “outperform” rating in a report on Friday, April 25th. Finally, Cantor Fitzgerald raised their target price on shares of Spotify Technology from $610.00 to $640.00 and gave the stock a “neutral” rating in a report on Wednesday, June 18th. Ten research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $718.90.

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.