Kowal Investment Group LLC Takes $415,000 Position in Spotify Technology S.A. (NYSE:SPOT)

Kowal Investment Group LLC bought a new stake in Spotify Technology S.A. (NYSE:SPOT) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,321 shares of the company’s stock, valued at approximately $415,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. GQG Partners LLC purchased a new stake in shares of Spotify Technology in the first quarter valued at about $610,040,000. Artisan Partners Limited Partnership increased its holdings in Spotify Technology by 24.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock worth $263,226,000 after buying an additional 277,733 shares during the last quarter. Bamco Inc. NY increased its holdings in Spotify Technology by 28.3% during the first quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock worth $228,164,000 after buying an additional 190,931 shares during the last quarter. Swedbank AB increased its holdings in Spotify Technology by 13.2% during the second quarter. Swedbank AB now owns 852,526 shares of the company’s stock worth $267,514,000 after buying an additional 99,730 shares during the last quarter. Finally, Sei Investments Co. increased its holdings in Spotify Technology by 106.8% during the second quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after buying an additional 333,782 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on SPOT. Wolfe Research began coverage on shares of Spotify Technology in a report on Friday, July 12th. They set an “outperform” rating and a $390.00 price objective for the company. Barclays raised their price objective on shares of Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. KeyCorp raised their price objective on shares of Spotify Technology from $420.00 to $440.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Pivotal Research raised their price objective on shares of Spotify Technology from $460.00 to $510.00 and gave the stock a “buy” rating in a report on Thursday. Finally, TD Cowen lifted their target price on shares of Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $359.14.

Spotify Technology Trading Up 1.4 %

Shares of Spotify Technology stock opened at $365.17 on Friday. 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 cap of $72.69 billion, a PE ratio of -545.02 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. The company has a 50 day simple moving average of $331.49 and a two-hundred day simple moving average of $307.39.

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