Everhart Financial Group Inc. Raises Holdings in Spotify Technology S.A. (NYSE:SPOT)

Everhart Financial Group Inc. grew its holdings in Spotify Technology S.A. (NYSE:SPOT) by 3.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,372 shares of the company’s stock after purchasing an additional 117 shares during the period. Everhart Financial Group Inc.’s holdings in Spotify Technology were worth $1,855,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of SPOT. Net Worth Advisory Group bought a new stake in Spotify Technology in the 1st quarter worth approximately $738,000. Fifth Third Bancorp grew its holdings in shares of Spotify Technology by 30.7% in the first quarter. Fifth Third Bancorp now owns 302 shares of the company’s stock worth $166,000 after acquiring an additional 71 shares during the period. Simon Quick Advisors LLC bought a new stake in shares of Spotify Technology in the first quarter worth $707,000. Focus Financial Network Inc. lifted its holdings in Spotify Technology by 11.4% in the first quarter. Focus Financial Network Inc. now owns 577 shares of the company’s stock valued at $317,000 after acquiring an additional 59 shares during the period. Finally, Northeast Investment Management lifted its holdings in Spotify Technology by 13.0% in the first quarter. Northeast Investment Management now owns 18,658 shares of the company’s stock valued at $10,262,000 after acquiring an additional 2,141 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several research reports. Citigroup upped their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. KeyCorp reduced their target price on shares of Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Robert W. Baird increased their price target on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Sanford C. Bernstein upgraded shares of Spotify Technology to a “strong-buy” rating in a research note on Tuesday, June 3rd. Finally, Canaccord Genuity Group reaffirmed a “buy” rating on shares of Spotify Technology in a report on Friday, June 6th. Eight investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $611.14.

Spotify Technology Stock Down 1.0%

Spotify Technology stock opened at $701.86 on Friday. Spotify Technology S.A. has a 52-week low of $288.07 and a 52-week high of $717.87. The firm’s fifty day moving average is $626.06 and its 200 day moving average is $564.52. The company has a market cap of $143.68 billion, a price-to-earnings ratio of 117.96 and a beta of 1.68.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The firm’s revenue was up 15.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.97 EPS. On average, equities research analysts anticipate that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

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.