Pallas Capital Advisors LLC Invests $225,000 in Spotify Technology S.A. (NYSE:SPOT)

Pallas Capital Advisors LLC bought a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the 1st quarter, HoldingsChannel.com reports. The fund bought 409 shares of the company’s stock, valued at approximately $225,000.

Several other institutional investors and hedge funds have also bought and sold shares of SPOT. Kestra Private Wealth Services LLC grew its holdings in shares of Spotify Technology by 30.7% during the fourth quarter. Kestra Private Wealth Services LLC now owns 1,412 shares of the company’s stock valued at $632,000 after buying an additional 332 shares during the last quarter. Savant Capital LLC raised its position in Spotify Technology by 9.8% in the fourth quarter. Savant Capital LLC now owns 1,052 shares of the company’s stock worth $470,000 after acquiring an additional 94 shares during the period. Focus Financial Network Inc. bought a new stake in Spotify Technology in the fourth quarter worth about $232,000. Quent Capital LLC raised its position in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after acquiring an additional 57 shares during the period. Finally, Hartford Investment Management Co. bought a new stake in Spotify Technology in the fourth quarter worth about $641,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Price Performance

SPOT stock opened at $710.53 on Friday. Spotify Technology S.A. has a one year low of $288.07 and a one year high of $717.87. The stock has a market cap of $145.45 billion, a PE ratio of 119.42 and a beta of 1.68. The firm has a 50 day simple moving average of $629.98 and a two-hundred day simple moving average of $566.13.

Spotify Technology (NYSE:SPOT) last released 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). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. During the same period in the prior year, the firm earned $0.97 EPS. Spotify Technology’s quarterly revenue was up 15.2% on a year-over-year basis. On average, research analysts expect that Spotify Technology S.A. will post 10.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on SPOT shares. FBN Securities started coverage on shares of Spotify Technology in a research report on Friday, March 28th. They issued a “sector perform” rating and a $645.00 price objective on the stock. Guggenheim reiterated a “buy” rating on shares of Spotify Technology in a research note on Friday, June 6th. Citigroup lifted their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Sanford C. Bernstein upgraded shares of Spotify Technology to a “strong-buy” rating in a research note on Tuesday, June 3rd. Finally, Phillip Securities upgraded shares of Spotify Technology to a “moderate sell” rating in a research note on Monday, May 5th. Eight research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus 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.