Thoroughbred Financial Services LLC Invests $628,000 in Spotify Technology S.A. (NYSE:SPOT)

Thoroughbred Financial Services LLC purchased a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 2,002 shares of the company’s stock, valued at approximately $628,000.

A number of other institutional investors have also recently added to or reduced their stakes in SPOT. Private Advisor Group LLC grew its holdings in Spotify Technology by 5.7% during the 4th quarter. Private Advisor Group LLC now owns 1,397 shares of the company’s stock worth $263,000 after acquiring an additional 75 shares in the last quarter. Principal Securities Inc. acquired a new position in Spotify Technology in the fourth quarter worth about $71,000. Dimensional Fund Advisors LP raised its stake in Spotify Technology by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 261,508 shares of the company’s stock valued at $49,142,000 after buying an additional 4,352 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in 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 buying an additional 1,104 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Spotify Technology by 212.6% in the 4th quarter. Principal Financial Group Inc. now owns 54,157 shares of the company’s stock worth $10,177,000 after acquiring an additional 36,835 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analysts Set New Price Targets

SPOT has been the subject of a number of research reports. Benchmark restated a “buy” rating and issued a $405.00 target price on shares of Spotify Technology in a research note on Monday, July 22nd. TD Cowen upped their target price on shares of Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research report on Wednesday, July 24th. Barclays boosted their price objective on Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price on the stock in a research report on Wednesday, July 24th. Finally, The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $320.00 to $425.00 in a research report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $357.41.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $338.56 on Tuesday. Spotify Technology S.A. has a twelve month low of $145.76 and a twelve month high of $359.38. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market cap of $67.39 billion, a P/E ratio of -505.31 and a beta of 1.57. The firm’s 50-day simple moving average is $327.66 and its 200-day simple moving average is $305.26.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, July 23rd. The company reported $1.33 EPS 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 business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter last year, the company earned ($1.69) EPS. Spotify Technology’s revenue was up 19.8% on a year-over-year basis. As a group, research analysts expect that Spotify Technology S.A. will post 6.31 EPS 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.