Driehaus Capital Management LLC Reduces Holdings in Spotify Technology S.A. (NYSE:SPOT)

Driehaus Capital Management LLC reduced its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 15.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,635 shares of the company’s stock after selling 645 shares during the period. Driehaus Capital Management LLC’s holdings in Spotify Technology were worth $1,141,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Transcendent Capital Group LLC bought a new stake in shares of Spotify Technology during the 2nd quarter valued at $25,000. Benjamin Edwards Inc. grew its position in shares of Spotify Technology by 214.8% during 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. Larson Financial Group LLC grew 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 in the last quarter. Mather Group LLC. raised its stake in Spotify Technology by 9,900.0% during the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after purchasing an additional 99 shares during the period. Finally, Asset Dedication LLC purchased a new position in Spotify Technology in the 2nd quarter worth approximately $35,000. 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 Monday. The stock has a market capitalization of $73.49 billion, a PE ratio of -551.04 and a beta of 1.57. 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 S.A. has a 12-month low of $145.76 and a 12-month high of $389.23. The stock’s fifty day simple moving average is $339.51 and its two-hundred day simple moving average is $311.77.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, topping 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 business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.82 billion. During the same period in the previous year, the company posted ($1.69) earnings per share. The firm’s revenue was up 19.8% on a year-over-year basis. As a group, analysts expect that Spotify Technology S.A. will post 6.26 EPS for the current fiscal year.

Analysts Set New Price Targets

SPOT has been the subject of a number of research reports. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and upped their target price for the stock from $320.00 to $425.00 in a research report on Wednesday, July 24th. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target for the company in a report on Wednesday, July 24th. Rosenblatt Securities raised their target price on shares of Spotify Technology from $396.00 to $399.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Bank of America upped their price target on shares of Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday, July 2nd. Finally, TD Cowen boosted their target price on shares of Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price 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.