Scientech Research LLC Grows Stake in Spotify Technology S.A. (NYSE:SPOT)

Scientech Research LLC lifted its position in Spotify Technology S.A. (NYSE:SPOT) by 383.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,961 shares of the company’s stock after buying an additional 3,141 shares during the period. Scientech Research LLC’s holdings in Spotify Technology were worth $1,243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Mackenzie Financial Corp boosted its stake in shares of Spotify Technology by 33.1% in the 2nd quarter. Mackenzie Financial Corp now owns 3,056 shares of the company’s stock worth $959,000 after buying an additional 760 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Spotify Technology by 5.2% during the second quarter. The Manufacturers Life Insurance Company now owns 1,892 shares of the company’s stock valued at $594,000 after purchasing an additional 94 shares in the last quarter. AlTi Global Inc. lifted its position in Spotify Technology by 16.6% during the second quarter. AlTi Global Inc. now owns 1,252 shares of the company’s stock valued at $393,000 after purchasing an additional 178 shares in the last quarter. Alpha DNA Investment Management LLC purchased a new position in Spotify Technology during the second quarter valued at $816,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Spotify Technology during the second quarter valued at $3,209,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on SPOT. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price on the stock in a research report on Wednesday, July 24th. Barclays lifted their target price on Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Cantor Fitzgerald restated a “neutral” rating and issued a $340.00 price objective on shares of Spotify Technology in a research report on Monday, September 23rd. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $320.00 to $425.00 in a research report on Wednesday, July 24th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $385.00 price objective (up from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. One equities research 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 stock. According to data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $359.14.

Spotify Technology Trading Down 2.6 %

Shares of NYSE SPOT opened at $369.20 on Friday. The business’s 50 day moving average is $338.03 and its two-hundred day moving average is $310.22. 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 S.A. has a 1-year low of $145.76 and a 1-year high of $389.23. The stock has a market capitalization of $73.49 billion, a P/E ratio of -551.04 and a beta of 1.57.

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

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.