Algert Global LLC Boosts Holdings in Spotify Technology S.A. (NYSE:SPOT)

Algert Global LLC raised its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 46.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,494 shares of the company’s stock after purchasing an additional 476 shares during the period. Algert Global LLC’s holdings in Spotify Technology were worth $469,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SPOT. GQG Partners LLC purchased a new position in Spotify Technology during the first quarter valued at $610,040,000. Swedbank AB purchased a new position in Spotify Technology during the first quarter valued at $198,663,000. Sei Investments Co. lifted 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 valued at $202,828,000 after purchasing an additional 333,782 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of Spotify Technology by 327.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock valued at $73,520,000 after buying an additional 299,700 shares during the last quarter. Finally, Castle Hook Partners LP acquired a new stake in shares of Spotify Technology in the first quarter valued at about $60,870,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SPOT. Evercore ISI increased their target price on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. increased their target price on shares of Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Redburn Atlantic reiterated a “sell” rating and issued a $230.00 target price on shares of Spotify Technology in a research report on Wednesday, July 10th. 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 research report on Thursday, September 19th. Finally, Wolfe Research initiated coverage on shares of Spotify Technology in a research report on Friday, July 12th. They set an “outperform” rating and a $390.00 price objective for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $359.14.

Spotify Technology Stock Down 2.3 %

Shares of NYSE:SPOT opened at $362.94 on Tuesday. The firm has a 50 day simple moving average of $344.49 and a 200-day simple moving average of $315.87. The company has a market capitalization of $72.24 billion, a PE ratio of -541.69 and a beta of 1.58. Spotify Technology S.A. has a twelve month low of $145.76 and a twelve month high of $389.23. 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 (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 business 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 period in the previous year, the company posted ($1.69) EPS. On average, equities analysts predict that Spotify Technology S.A. will post 6.24 EPS for the current fiscal year.

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.