Alpha DNA Investment Management LLC Purchases New Stake in Spotify Technology S.A. (NYSE:SPOT)

Alpha DNA Investment Management LLC bought a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 2,602 shares of the company’s stock, valued at approximately $816,000.

Other hedge funds also recently modified their holdings of the company. Evoke Wealth LLC acquired a new position in Spotify Technology in the fourth quarter valued at about $2,271,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in Spotify Technology by 30.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock valued at $21,024,000 after purchasing an additional 18,731 shares during the period. Franklin Resources Inc. increased its stake in Spotify Technology by 1,500.5% in the fourth quarter. Franklin Resources Inc. now owns 70,151 shares of the company’s stock valued at $13,182,000 after purchasing an additional 65,768 shares in the last quarter. TD Asset Management Inc raised its holdings in Spotify Technology by 2.4% in the first quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock worth $135,339,000 after purchasing an additional 12,192 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in Spotify Technology by 327.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock worth $73,520,000 after purchasing an additional 299,700 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $380.31 on Wednesday. The company has a fifty day moving average price of $334.46 and a two-hundred day moving average price of $309.21. Spotify Technology S.A. has a one year low of $145.76 and a one year high of $382.60. The stock has a market cap of $75.70 billion, a P/E ratio of -567.62 and a beta of 1.57. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the prior year, the firm earned ($1.69) EPS. Spotify Technology’s quarterly revenue was up 19.8% compared to the same quarter last year. As a group, equities analysts predict that Spotify Technology S.A. will post 6.26 EPS for the current year.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of research analyst reports. Morgan Stanley raised their price target on Spotify Technology from $370.00 to $400.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Macquarie raised their target price on shares of Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Wolfe Research began coverage on shares of Spotify Technology in a research report on Friday, July 12th. They set an “outperform” rating and a $390.00 price objective for the company. Finally, TD Cowen boosted their price objective on shares of Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus 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.