Spotify Technology S.A. (NYSE:SPOT) Shares Bought by Point72 DIFC Ltd

Point72 DIFC Ltd lifted its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 918.2% during the second quarter, Holdings Channel reports. The fund owned 93,403 shares of the company’s stock after buying an additional 84,230 shares during the quarter. Spotify Technology comprises 1.0% of Point72 DIFC Ltd’s investment portfolio, making the stock its 2nd largest position. Point72 DIFC Ltd’s holdings in Spotify Technology were worth $29,309,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Advisory Services Network LLC bought a new position in Spotify Technology in the fourth quarter worth approximately $166,000. Steward Partners Investment Advisory LLC grew its position in Spotify Technology by 4.4% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,297 shares of the company’s stock valued at $432,000 after purchasing an additional 97 shares during the period. Royal London Asset Management Ltd. increased its stake in Spotify Technology by 5.5% during the 4th quarter. Royal London Asset Management Ltd. now owns 56,670 shares of the company’s stock valued at $10,649,000 after purchasing an additional 2,966 shares in the last quarter. Capital International Sarl acquired a new position in Spotify Technology during the fourth quarter worth $221,000. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Spotify Technology by 9.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,939 shares of the company’s stock valued at $1,680,000 after buying an additional 776 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several recent research reports. Morgan Stanley boosted their target price on shares of Spotify Technology from $370.00 to $400.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Macquarie raised their target price on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and upped their price target for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. TD Cowen raised their price objective on Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. Finally, UBS Group upped their target price on shares of Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $359.14.

Spotify Technology Stock Up 1.8 %

Spotify Technology stock opened at $375.31 on Wednesday. The firm has a 50 day simple moving average of $341.86 and a 200 day simple moving average of $313.40. 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 $389.23. The firm has a market capitalization of $74.71 billion, a price-to-earnings ratio of -560.16 and a beta of 1.57.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results 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. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The firm’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.69) earnings per share. On average, analysts predict that Spotify Technology S.A. will post 6.26 earnings per share 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.