SYSTM Wealth Solutions LLC Purchases Shares of 330 Spotify Technology S.A. (NYSE:SPOT)

SYSTM Wealth Solutions LLC acquired a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 330 shares of the company’s stock, valued at approximately $104,000.

Several other institutional investors and hedge funds have also modified their holdings of SPOT. Peregrine Asset Advisers Inc. purchased a new position in Spotify Technology during the second quarter valued at approximately $4,607,000. Renaissance Technologies LLC increased its holdings in shares of Spotify Technology by 31.1% during the 2nd quarter. Renaissance Technologies LLC now owns 586,884 shares of the company’s stock valued at $184,158,000 after purchasing an additional 139,149 shares in the last quarter. Mesirow Financial Investment Management Inc. acquired a new position in shares of Spotify Technology in the 2nd quarter valued at $310,000. Menard Financial Group LLC purchased a new stake in Spotify Technology during the second quarter worth $636,000. Finally, Quantbot Technologies LP grew its position in Spotify Technology by 321.5% during the second quarter. Quantbot Technologies LP now owns 30,199 shares of the company’s stock valued at $9,476,000 after buying an additional 23,035 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT stock opened at $360.01 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The company has a market capitalization of $71.66 billion, a PE ratio of -537.32 and a beta of 1.57. The firm’s 50-day moving average is $330.23 and its two-hundred day moving average is $306.45. Spotify Technology S.A. has a 12 month low of $145.76 and a 12 month high of $368.29.

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

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Macquarie upped their price objective on shares of Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Jefferies Financial Group reissued a “buy” rating and issued a $385.00 price objective (up from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. Morgan Stanley boosted their price objective on Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Benchmark reiterated a “buy” rating and set a $405.00 target price on shares of Spotify Technology in a research report on Monday, July 22nd. Finally, The Goldman Sachs Group raised shares of 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 report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $359.14.

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.