DekaBank Deutsche Girozentrale Raises Stake in Spotify Technology S.A. (NYSE:SPOT)

DekaBank Deutsche Girozentrale boosted its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 9.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 61,077 shares of the company’s stock after buying an additional 5,394 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Spotify Technology were worth $19,233,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Private Advisor Group LLC lifted its holdings in shares of Spotify Technology by 5.7% in the 4th quarter. Private Advisor Group LLC now owns 1,397 shares of the company’s stock valued at $263,000 after buying an additional 75 shares during the period. Principal Securities Inc. acquired a new position in Spotify Technology in the fourth quarter valued at approximately $71,000. Dimensional Fund Advisors LP boosted its position in Spotify Technology by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 261,508 shares of the company’s stock worth $49,142,000 after purchasing an additional 4,352 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in shares of Spotify Technology by 43.0% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 3,672 shares of the company’s stock worth $690,000 after purchasing an additional 1,104 shares during the period. Finally, Principal Financial Group Inc. grew its stake in shares of Spotify Technology by 212.6% during the 4th quarter. Principal Financial Group Inc. now owns 54,157 shares of the company’s stock worth $10,177,000 after purchasing an additional 36,835 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Spotify Technology stock opened at $337.90 on Monday. The firm has a 50 day simple moving average of $327.16 and a 200-day simple moving average of $304.68. The stock has a market cap of $67.26 billion, a price-to-earnings ratio of -504.32 and a beta of 1.57. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. Spotify Technology S.A. has a 1-year low of $145.76 and a 1-year high of $359.38.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.82 billion. During the same period in the prior year, the business posted ($1.69) earnings per share. The firm’s revenue for the quarter was up 19.8% compared to the same quarter last year. On average, analysts expect that Spotify Technology S.A. will post 6.31 EPS for the current year.

Analysts Set New Price Targets

SPOT has been the topic of a number of recent analyst reports. Macquarie increased their price target on shares of Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Guggenheim raised their target price on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Evercore ISI upped their price target on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Pivotal Research raised their price objective on Spotify Technology from $400.00 to $460.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, Wolfe Research started coverage on Spotify Technology in a research report on Friday, July 12th. They issued an “outperform” rating and a $390.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $356.38.

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.