Benjamin Edwards Inc. Purchases 58 Shares of Spotify Technology S.A. (NYSE:SPOT)

Benjamin Edwards Inc. grew its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 214.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 85 shares of the company’s stock after buying an additional 58 shares during the quarter. Benjamin Edwards Inc.’s holdings in Spotify Technology were worth $27,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SPOT. Benjamin F. Edwards & Company Inc. increased its stake in shares of Spotify Technology by 33.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 5,465 shares of the company’s stock worth $1,715,000 after purchasing an additional 1,371 shares during the last quarter. Ieq Capital LLC increased its position in Spotify Technology by 1.9% in the second quarter. Ieq Capital LLC now owns 25,559 shares of the company’s stock worth $8,020,000 after buying an additional 487 shares during the last quarter. Carolinas Wealth Consulting LLC bought a new stake in shares of Spotify Technology in the second quarter valued at $90,000. Seven Eight Capital LP raised its stake in shares of Spotify Technology by 20.6% in the second quarter. Seven Eight Capital LP now owns 30,845 shares of the company’s stock valued at $9,679,000 after buying an additional 5,275 shares during the period. Finally, Hsbc Holdings PLC grew its stake in shares of Spotify Technology by 400.2% during the 2nd quarter. Hsbc Holdings PLC now owns 94,808 shares of the company’s stock worth $29,590,000 after acquiring an additional 75,855 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $365.17 on Monday. The business’s 50-day moving average price is $331.49 and its 200-day moving average price is $307.67. The firm has a market capitalization of $69.46 billion, a PE ratio of -545.03 and a beta of 1.57. Spotify Technology S.A. has a 12 month low of $145.76 and a 12 month high of $368.29. 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 posted its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.08 by $0.25. The firm had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The business’s revenue was up 19.8% compared to the same quarter last year. During the same period last year, the firm posted ($1.69) earnings per share. Sell-side analysts forecast that Spotify Technology S.A. will post 6.31 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SPOT. Macquarie lifted their target price on shares of Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Jefferies Financial Group reissued a “buy” rating and set a $385.00 target price (up previously from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. Redburn Atlantic reaffirmed a “sell” rating and issued a $230.00 price target on shares of Spotify Technology in a report on Wednesday, July 10th. TD Cowen boosted their price objective on Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. Finally, Benchmark reissued a “buy” rating and set a $405.00 price objective on shares of Spotify Technology in a report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average 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.