186,421 Shares in Spotify Technology S.A. (NYSE:SPOT) Bought by Point72 Asset Management L.P.

Point72 Asset Management L.P. bought a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 186,421 shares of the company’s stock, valued at approximately $58,497,000. Point72 Asset Management L.P. owned about 0.09% of Spotify Technology at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of SPOT. Dimensional Fund Advisors LP lifted its position in shares of Spotify Technology by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 261,508 shares of the company’s stock worth $49,142,000 after acquiring an additional 4,352 shares during the period. Corient Private Wealth LLC lifted its position in Spotify Technology by 0.8% in the fourth quarter. Corient Private Wealth LLC now owns 11,775 shares of the company’s stock worth $2,213,000 after purchasing an additional 97 shares during the period. Assetmark Inc. boosted its stake in Spotify Technology by 48.3% during the fourth quarter. Assetmark Inc. now owns 2,418 shares of the company’s stock worth $454,000 after buying an additional 788 shares in the last quarter. Franklin Resources Inc. increased its holdings in Spotify Technology by 1,500.5% in the 4th quarter. Franklin Resources Inc. now owns 70,151 shares of the company’s stock valued at $13,182,000 after buying an additional 65,768 shares during the period. Finally, Advisory Services Network LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at $166,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $383.96 on Thursday. The stock has a market capitalization of $76.43 billion, a P/E ratio of -573.07 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 1-year low of $145.76 and a 1-year high of $386.96. The business has a 50-day moving average price of $334.46 and a two-hundred day moving average price of $309.21.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share 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 business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same period in the prior year, the business posted ($1.69) earnings per share. Spotify Technology’s revenue was up 19.8% compared to the same quarter last year. Equities analysts predict that Spotify Technology S.A. will post 6.26 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Macquarie lifted their price objective on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Guggenheim increased their target price on Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and raised their target price for the stock from $320.00 to $425.00 in a research report on Wednesday, July 24th. Finally, Wolfe Research began coverage on Spotify Technology in a research report on Friday, July 12th. They issued an “outperform” rating and a $390.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus 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.