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Schroder Investment Management Group grew its stake in shares of Spotify Technology S.A. (NYSE:SPOT – Free Report) by 2,332.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 326,046 shares of the company’s stock after acquiring an additional 312,643 shares during the quarter. Schroder Investment Management Group owned about 0.17% of Spotify Technology worth $52,347,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Ameritas Advisory Services LLC bought a new stake in Spotify Technology in the 1st quarter worth about $27,000. Activest Wealth Management purchased a new position in Spotify Technology in the 2nd quarter worth approximately $28,000. Spire Wealth Management increased its stake in Spotify Technology by 148.4% in the 1st quarter. Spire Wealth Management now owns 236 shares of the company’s stock worth $32,000 after acquiring an additional 141 shares during the last quarter. First Manhattan Co. increased its position in shares of Spotify Technology by 65.8% during the 1st quarter. First Manhattan Co. now owns 252 shares of the company’s stock valued at $38,000 after purchasing an additional 100 shares during the last quarter. Finally, Covestor Ltd increased its position in shares of Spotify Technology by 110.7% during the 2nd quarter. Covestor Ltd now owns 257 shares of the company’s stock valued at $42,000 after purchasing an additional 135 shares during the last quarter. 56.89% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
SPOT has been the topic of a number of recent research reports. Morgan Stanley increased their price target on Spotify Technology from $190.00 to $200.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 25th. TD Cowen started coverage on Spotify Technology in a research report on Monday, October 23rd. They set a “market perform” rating and a $129.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on Spotify Technology from $190.00 to $205.00 and gave the company an “overweight” rating in a research report on Wednesday, October 25th. Redburn Atlantic cut Spotify Technology from a “buy” rating to a “neutral” rating and decreased their price target for the company from $170.00 to $160.00 in a research note on Monday, October 9th. Finally, Benchmark decreased their price target on Spotify Technology from $205.00 to $195.00 and set a “buy” rating for the company in a research note on Monday, October 23rd. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $169.50.
Check Out Our Latest Stock Analysis on Spotify Technology
Spotify Technology Stock Performance
NYSE SPOT opened at $181.70 on Friday. The business has a 50 day moving average price of $163.04 and a 200 day moving average price of $155.80. The company has a market capitalization of $35.37 billion, a P/E ratio of -45.43 and a beta of 1.65. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.27 and a quick ratio of 1.27. Spotify Technology S.A. has a 1-year low of $71.72 and a 1-year high of $182.50.
Spotify Technology (NYSE:SPOT – Get Free Report) last issued its earnings results on Tuesday, October 24th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.56. The business had revenue of $3.65 billion for the quarter, compared to analyst estimates of $3.62 billion. Spotify Technology had a negative return on equity of 32.26% and a negative net margin of 5.70%. Sell-side analysts expect that Spotify Technology S.A. will post -2.15 EPS for the current fiscal year.
Spotify Technology Company Profile
Spotify Technology SA, together with its subsidiaries, provides audio streaming 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.
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