Northwestern Mutual Wealth Management Co. Grows Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Northwestern Mutual Wealth Management Co. boosted its holdings in Spotify Technology S.A. (NYSE:SPOT) by 14.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,569 shares of the company’s stock after buying an additional 2,166 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Spotify Technology were worth $5,513,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. grew its stake in Spotify Technology by 30.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock valued at $21,024,000 after buying an additional 18,731 shares in the last quarter. TD Asset Management Inc grew its stake in Spotify Technology by 2.4% in the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock valued at $135,339,000 after buying an additional 12,192 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in Spotify Technology by 327.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock valued at $73,520,000 after purchasing an additional 299,700 shares during the period. Bridgewater Associates LP boosted its holdings in Spotify Technology by 71.8% in the 4th quarter. Bridgewater Associates LP now owns 171,068 shares of the company’s stock valued at $32,145,000 after purchasing an additional 71,518 shares during the period. Finally, Envestnet Portfolio Solutions Inc. boosted its holdings in Spotify Technology by 121.6% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,399 shares of the company’s stock valued at $2,322,000 after purchasing an additional 4,060 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and raised their price target for the company from $320.00 to $425.00 in a report on Wednesday, July 24th. UBS Group raised 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. Morgan Stanley raised their price target on shares of Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. DZ Bank raised shares of 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. Finally, Rosenblatt Securities raised their price target 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $359.14.

Spotify Technology Price Performance

SPOT stock opened at $374.87 on Thursday. The firm’s 50-day moving average price is $342.63 and its two-hundred day moving average price is $313.83. Spotify Technology S.A. has a 12-month low of $145.76 and a 12-month high of $389.23. The stock has a market capitalization of $74.62 billion, a price-to-earnings ratio of -559.50 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 released its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share (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 firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same quarter in the previous year, the company 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, equities 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.