ASB Consultores LLC Increases Stake in Spotify Technology S.A. (NYSE:SPOT)

ASB Consultores LLC raised its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 12.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,375 shares of the company’s stock after buying an additional 150 shares during the period. ASB Consultores LLC’s holdings in Spotify Technology were worth $431,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SPOT. Private Advisor Group LLC increased its holdings in Spotify Technology by 5.7% during the fourth 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 last quarter. Principal Securities Inc. purchased a new stake in shares of Spotify Technology in the fourth quarter worth $71,000. Dimensional Fund Advisors LP increased its stake in shares of Spotify Technology by 1.7% in the fourth 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. Principal Financial Group Inc. increased its stake in shares of Spotify Technology by 212.6% in the fourth 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 in the last quarter. Finally, Quadrant Capital Group LLC increased its stake in shares of Spotify Technology by 191.4% in the fourth quarter. Quadrant Capital Group LLC now owns 271 shares of the company’s stock worth $51,000 after purchasing an additional 178 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of analyst reports. Cantor Fitzgerald initiated coverage on shares of Spotify Technology in a research note on Thursday, September 5th. They issued a “neutral” rating and a $340.00 price objective for the company. TD Cowen raised their target price on shares of Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price for the company in a research note on Wednesday, July 24th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and raised their target price for the company from $320.00 to $425.00 in a research note on Wednesday, July 24th. Finally, Rosenblatt Securities raised their target price on shares of Spotify Technology from $396.00 to $399.00 and gave the company a “buy” rating in a research note 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’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $359.14.

Spotify Technology Price Performance

NYSE SPOT opened at $360.01 on Friday. The firm’s fifty day simple moving average is $330.23 and its two-hundred day simple moving average is $306.45. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology S.A. has a 12-month low of $145.76 and a 12-month high of $368.29. The firm has a market capitalization of $71.66 billion, a P/E ratio of -537.32 and a beta of 1.57.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.25. The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same period in the previous year, the company earned ($1.69) earnings per share. Analysts forecast that Spotify Technology S.A. will post 6.31 EPS for the current fiscal year.

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.