987 Shares in Spotify Technology S.A. (NYSE:SPOT) Purchased by Mesirow Financial Investment Management Inc.

Mesirow Financial Investment Management Inc. purchased a new position in Spotify Technology S.A. (NYSE:SPOT) during the second quarter, HoldingsChannel reports. The fund purchased 987 shares of the company’s stock, valued at approximately $310,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Clearbridge Investments LLC boosted its position in shares of Spotify Technology by 0.6% during the first quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock worth $1,819,000 after acquiring an additional 38 shares during the last quarter. Cigna Investments Inc. New grew its position in shares of Spotify Technology by 3.3% during the second 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 lifted its position in shares of Spotify Technology by 0.6% in the second quarter. Moody Lynn & Lieberson LLC now owns 6,843 shares of the company’s stock worth $2,147,000 after buying an additional 40 shares in the last quarter. Larson Financial Group LLC boosted its stake in Spotify Technology by 86.0% during the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after buying an additional 43 shares during the last quarter. Finally, Brookstone Capital Management grew its holdings in Spotify Technology by 4.6% during the 2nd quarter. Brookstone Capital Management now owns 1,339 shares of the company’s stock valued at $395,000 after buying an additional 59 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $342.10 on Wednesday. Spotify Technology S.A. has a 12 month low of $145.76 and a 12 month high of $359.38. The stock’s fifty day moving average price is $328.27 and its 200-day moving average price is $305.81. The firm has a market cap of $65.07 billion, a P/E ratio of -510.60 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 (NYSE:SPOT) last posted its earnings results on Tuesday, July 23rd. The company reported $1.33 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 business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter last year, the firm posted ($1.69) EPS. The company’s revenue for the quarter was up 19.8% on a year-over-year basis. On average, equities research analysts expect that Spotify Technology S.A. will post 6.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SPOT. DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective on the stock in a report on Wednesday, July 24th. Benchmark reiterated a “buy” rating and set a $405.00 price objective on shares of Spotify Technology in a research report on Monday, July 22nd. Pivotal Research boosted their target price on shares of Spotify Technology from $400.00 to $460.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. UBS Group increased their price target on shares of Spotify Technology from $375.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Finally, TD Cowen upped their price objective on Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus price target of $357.41.

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.