Quest Investment Management LLC Acquires New Shares in Spotify Technology S.A. (NYSE:SPOT)

Quest Investment Management LLC bought a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 5,352 shares of the company’s stock, valued at approximately $1,679,000.

Several other institutional investors have also recently made changes to their positions in SPOT. GQG Partners LLC purchased a new position in shares of Spotify Technology in the first quarter valued at $610,040,000. Artisan Partners Limited Partnership grew its holdings in Spotify Technology by 24.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock valued at $263,226,000 after buying an additional 277,733 shares in the last quarter. Bamco Inc. NY increased its position in shares of Spotify Technology by 28.3% during the first quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock valued at $228,164,000 after buying an additional 190,931 shares during the period. Swedbank AB lifted its holdings in shares of Spotify Technology by 13.2% in 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 in the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Spotify Technology by 106.8% in 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 in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 1.4 %

SPOT opened at $365.17 on Friday. The stock has a market cap of $72.69 billion, a PE ratio of -545.02 and a beta of 1.57. The business has a 50 day moving average of $331.49 and a 200-day moving average of $307.39. Spotify Technology S.A. has a 52 week low of $145.76 and a 52 week high of $368.29. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31.

Spotify Technology (NYSE:SPOT) last announced its earnings results 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 net margin of 3.22% and a return on equity of 15.23%. The company’s quarterly revenue was up 19.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.69) EPS. Equities research analysts predict that Spotify Technology S.A. will post 6.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on SPOT shares. JPMorgan Chase & Co. increased their target price on shares of Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Morgan Stanley upped their price target on shares of Spotify Technology from $370.00 to $400.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. KeyCorp lifted their price objective on Spotify Technology from $420.00 to $440.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Macquarie upped their target price on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $385.00 price target (up previously from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. One investment 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 company’s stock. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average 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.