Itau Unibanco Holding S.A. Invests $912,000 in Spotify Technology S.A. (NYSE:SPOT)

Itau Unibanco Holding S.A. purchased a new stake in Spotify Technology S.A. (NYSE:SPOT) in the second quarter, Holdings Channel.com reports. The firm purchased 2,906 shares of the company’s stock, valued at approximately $912,000.

Other hedge funds have also recently bought and sold shares of the company. Clearbridge Investments LLC raised its holdings in Spotify Technology by 0.6% in the first quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock valued at $1,819,000 after acquiring an additional 38 shares in the last quarter. Cigna Investments Inc. New raised its stake in shares of Spotify Technology by 3.3% in the 2nd quarter. Cigna Investments Inc. New now owns 1,260 shares of the company’s stock valued at $395,000 after purchasing an additional 40 shares in the last quarter. Moody Lynn & Lieberson LLC raised its stake in shares of Spotify Technology by 0.6% in the 2nd quarter. Moody Lynn & Lieberson LLC now owns 6,843 shares of the company’s stock valued at $2,147,000 after purchasing an additional 40 shares in the last quarter. Larson Financial Group LLC lifted its position in shares of Spotify Technology by 86.0% during the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after purchasing an additional 43 shares during the last quarter. Finally, Benjamin Edwards Inc. grew its stake in Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT opened at $365.17 on Friday. Spotify Technology S.A. has a one year low of $145.76 and a one year high of $368.29. The stock’s fifty day moving average is $331.49 and its 200-day moving average is $307.39. 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 firm has a market capitalization of $72.69 billion, a price-to-earnings ratio of -545.02 and a beta of 1.57.

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 net margin of 3.22% and a return on equity of 15.23%. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same quarter last year, the company earned ($1.69) EPS. Spotify Technology’s quarterly revenue was up 19.8% on a year-over-year basis. Equities analysts anticipate that Spotify Technology S.A. will post 6.31 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on SPOT shares. JPMorgan Chase & Co. upped their price objective on Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Guggenheim boosted their price target on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Barclays raised their price objective on Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Rosenblatt Securities lifted their price objective on shares of Spotify Technology from $396.00 to $399.00 and gave the stock a “buy” rating 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 report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $359.14.

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.