SYSTM Wealth Solutions LLC acquired a new stake in shares of Spotify Technology S.A. (NYSE:SPOT – Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 330 shares of the company’s stock, valued at approximately $104,000.
Several other institutional investors and hedge funds have also modified their holdings of SPOT. Peregrine Asset Advisers Inc. purchased a new position in Spotify Technology during the second quarter valued at approximately $4,607,000. Renaissance Technologies LLC increased its holdings in shares of Spotify Technology by 31.1% during the 2nd quarter. Renaissance Technologies LLC now owns 586,884 shares of the company’s stock valued at $184,158,000 after purchasing an additional 139,149 shares in the last quarter. Mesirow Financial Investment Management Inc. acquired a new position in shares of Spotify Technology in the 2nd quarter valued at $310,000. Menard Financial Group LLC purchased a new stake in Spotify Technology during the second quarter worth $636,000. Finally, Quantbot Technologies LP grew its position in Spotify Technology by 321.5% during the second quarter. Quantbot Technologies LP now owns 30,199 shares of the company’s stock valued at $9,476,000 after buying an additional 23,035 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.
Spotify Technology Price Performance
Shares of SPOT stock opened at $360.01 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. The company has a market capitalization of $71.66 billion, a PE ratio of -537.32 and a beta of 1.57. The firm’s 50-day moving average is $330.23 and its two-hundred day moving average is $306.45. Spotify Technology S.A. has a 12 month low of $145.76 and a 12 month high of $368.29.
Analyst Upgrades and Downgrades
A number of research analysts have weighed in on the stock. Macquarie upped 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. Jefferies Financial Group reissued a “buy” rating and issued a $385.00 price objective (up from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. Morgan Stanley boosted 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. Benchmark reiterated a “buy” rating and set a $405.00 target price on shares of Spotify Technology in a research report on Monday, July 22nd. Finally, The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. One research 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $359.14.
Check Out Our Latest Stock Report on Spotify Technology
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.
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