Sanctuary Advisors LLC Takes Position in Spotify Technology S.A. (NYSE:SPOT)

Sanctuary Advisors LLC acquired a new position in shares of Spotify Technology S.A. (NYSE:SPOT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 7,162 shares of the company’s stock, valued at approximately $2,074,000.

Several other hedge funds have also recently added to or reduced their stakes in SPOT. GQG Partners LLC bought a new stake in Spotify Technology in the 1st quarter valued at $610,040,000. Bamco Inc. NY lifted its stake 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 valued at $228,164,000 after buying an additional 190,931 shares during the period. Swedbank AB grew its position in Spotify Technology by 13.2% during 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. D1 Capital Partners L.P. increased its stake in Spotify Technology by 5.6% during the second quarter. D1 Capital Partners L.P. now owns 680,061 shares of the company’s stock valued at $213,396,000 after acquiring an additional 36,000 shares during the period. Finally, Sei Investments Co. increased its stake 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 acquiring an additional 333,782 shares during the period. Institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SPOT. Evercore ISI lifted their price objective on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. UBS Group lifted their price target on shares of Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Pivotal Research increased their price objective on shares of Spotify Technology from $460.00 to $510.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. Finally, DZ Bank raised shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price on the stock in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $359.14.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $370.43 on Wednesday. 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 firm has a 50 day simple moving average of $345.28 and a 200 day simple moving average of $316.59. Spotify Technology S.A. has a fifty-two week low of $145.76 and a fifty-two week high of $389.23. The firm has a market cap of $70.46 billion, a P/E ratio of -552.88 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same period last year, the firm earned ($1.69) EPS. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. Sell-side analysts predict that Spotify Technology S.A. will post 6.24 earnings per share 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.