Itau Unibanco Holding S.A. Acquires New Stake in Spotify Technology S.A. (NYSE:SPOT)

Itau Unibanco Holding S.A. acquired a new position in shares of Spotify Technology S.A. (NYSE:SPOT) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 2,906 shares of the company’s stock, valued at approximately $912,000.

Other hedge funds also recently made changes to their positions in the company. Clearbridge Investments LLC raised its holdings in Spotify Technology by 0.6% during the first quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock worth $1,819,000 after purchasing an additional 38 shares during the last quarter. Cigna Investments Inc. New increased its position in shares of Spotify Technology by 3.3% in the second quarter. Cigna Investments Inc. New now owns 1,260 shares of the company’s stock valued at $395,000 after buying an additional 40 shares in the last quarter. Moody Lynn & Lieberson LLC raised its stake in shares of Spotify Technology by 0.6% during the 2nd quarter. Moody Lynn & Lieberson LLC now owns 6,843 shares of the company’s stock worth $2,147,000 after buying an additional 40 shares during the last quarter. Larson Financial Group LLC boosted its position in shares of Spotify Technology by 86.0% in the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after buying an additional 43 shares in the last quarter. Finally, Benjamin Edwards Inc. grew its stake in Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after acquiring an additional 58 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

NYSE SPOT opened at $365.17 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. Spotify Technology S.A. has a 1-year low of $145.76 and a 1-year high of $368.29. The firm has a market capitalization of $72.69 billion, a P/E ratio of -545.02 and a beta of 1.57. The business’s 50-day simple moving average is $331.49 and its 200-day simple moving average is $307.39.

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

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of research reports. Evercore ISI lifted their target price on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Redburn Atlantic restated a “sell” rating and set a $230.00 price objective on shares of Spotify Technology in a research report on Wednesday, July 10th. Guggenheim increased their target price on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. TD Cowen boosted their price target on Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. Finally, Morgan Stanley upped 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. One investment 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. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $359.14.

Spotify Technology Company 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.