Bleakley Financial Group LLC Buys 261 Shares of Spotify Technology S.A. (NYSE:SPOT)

Bleakley Financial Group LLC raised its stake in Spotify Technology S.A. (NYSE:SPOT) by 14.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,115 shares of the company’s stock after buying an additional 261 shares during the quarter. Bleakley Financial Group LLC’s holdings in Spotify Technology were worth $779,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. GQG Partners LLC bought a new position in Spotify Technology in the first quarter valued at approximately $610,040,000. Bamco Inc. NY lifted its position in shares of Spotify Technology by 28.3% in the first quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock worth $228,164,000 after purchasing an additional 190,931 shares in the last quarter. Swedbank AB lifted its position 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 purchasing an additional 99,730 shares in the last quarter. Perpetual Ltd lifted its position in shares of Spotify Technology by 24.3% in the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after purchasing an additional 148,431 shares in the last quarter. Finally, D1 Capital Partners L.P. lifted its position in shares of Spotify Technology by 5.6% in the second quarter. D1 Capital Partners L.P. now owns 680,061 shares of the company’s stock worth $213,396,000 after purchasing an additional 36,000 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 0.7 %

SPOT stock opened at $381.68 on Tuesday. Spotify Technology S.A. has a 52 week low of $145.79 and a 52 week high of $389.23. The company’s 50-day simple moving average is $353.40 and its 200 day simple moving average is $323.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The company has a market capitalization of $75.97 billion, a PE ratio of 155.79 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping 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 analysts’ expectations of $3.82 billion. During the same quarter in the prior year, the business posted ($1.69) earnings per share. Spotify Technology’s revenue was up 19.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Spotify Technology S.A. will post 6.22 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently commented on SPOT. Guggenheim boosted their price objective on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $320.00 to $425.00 in a research report on Wednesday, July 24th. Macquarie boosted 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. Evercore ISI boosted their target price on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Finally, Wolfe Research initiated coverage on shares of Spotify Technology in a report on Friday, July 12th. They set an “outperform” rating and a $390.00 target price on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $362.21.

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.