Ensign Peak Advisors Inc Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

Ensign Peak Advisors Inc acquired a new stake in Spotify Technology S.A. (NYSE:SPOT) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 6,655 shares of the company’s stock, valued at approximately $2,088,000.

A number of other hedge funds have also made changes to their positions in SPOT. Transatlantique Private Wealth LLC boosted its holdings in Spotify Technology by 1.8% in the second quarter. Transatlantique Private Wealth LLC now owns 7,224 shares of the company’s stock valued at $2,267,000 after purchasing an additional 131 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Spotify Technology by 7.4% during the 2nd quarter. Thrivent Financial for Lutherans now owns 5,654 shares of the company’s stock worth $1,774,000 after buying an additional 391 shares during the last quarter. Thames Capital Management LLC boosted its holdings in shares of Spotify Technology by 4.0% in the 2nd quarter. Thames Capital Management LLC now owns 39,493 shares of the company’s stock valued at $12,393,000 after buying an additional 1,507 shares in the last quarter. Sei Investments Co. grew its position in shares of Spotify Technology by 106.8% in the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after buying an additional 333,782 shares during the last quarter. Finally, AE Wealth Management LLC raised its stake in Spotify Technology by 57.6% during the 2nd quarter. AE Wealth Management LLC now owns 1,240 shares of the company’s stock worth $389,000 after acquiring an additional 453 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 2.6 %

Shares of NYSE SPOT opened at $369.20 on Friday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average price of $338.03 and a 200 day moving average price of $310.22. Spotify Technology S.A. has a 52 week low of $145.76 and a 52 week high of $389.23. The stock has a market capitalization of $73.49 billion, a price-to-earnings ratio of -551.04 and a beta of 1.57.

Spotify Technology (NYSE:SPOT) last posted its quarterly 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. The company had revenue of $3.81 billion during 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 company’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same period last year, the firm earned ($1.69) EPS. Equities research analysts anticipate that Spotify Technology S.A. will post 6.26 EPS for the current fiscal year.

Analyst Ratings Changes

SPOT has been the topic of several research reports. Guggenheim raised their price objective on Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Evercore ISI lifted their price target on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Benchmark reissued a “buy” rating and issued a $405.00 price objective on shares of Spotify Technology in a report on Monday, July 22nd. Rosenblatt Securities raised their target price on shares of Spotify Technology from $396.00 to $399.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Finally, Morgan Stanley upped their price target on shares of Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. One 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $359.14.

About Spotify Technology

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.