Spotify Technology S.A. (NYSE:SPOT) Shares Acquired by AlTi Global Inc.

AlTi Global Inc. lifted its position in Spotify Technology S.A. (NYSE:SPOT) by 16.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,252 shares of the company’s stock after acquiring an additional 178 shares during the period. AlTi Global Inc.’s holdings in Spotify Technology were worth $393,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Clearbridge Investments LLC grew its stake in Spotify Technology by 0.6% during the 1st quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock valued at $1,819,000 after acquiring an additional 38 shares in the last quarter. Cigna Investments Inc. New boosted its holdings in shares of Spotify Technology by 3.3% during the 2nd quarter. Cigna Investments Inc. New now owns 1,260 shares of the company’s stock worth $395,000 after purchasing an additional 40 shares during the last quarter. Moody Lynn & Lieberson LLC grew its position in shares of Spotify Technology by 0.6% in the second quarter. Moody Lynn & Lieberson LLC now owns 6,843 shares of the company’s stock valued at $2,147,000 after purchasing an additional 40 shares in the last quarter. Larson Financial Group LLC increased its holdings in shares of Spotify Technology by 86.0% in the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after purchasing an additional 43 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in Spotify Technology by 4.6% during the second quarter. EverSource Wealth Advisors LLC now owns 981 shares of the company’s stock worth $337,000 after buying an additional 43 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SPOT. Guggenheim boosted their price target on shares of Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and boosted their target price for the company from $320.00 to $425.00 in a report on Wednesday, July 24th. Redburn Atlantic restated a “sell” rating and set a $230.00 price target on shares of Spotify Technology in a report on Wednesday, July 10th. JPMorgan Chase & Co. upped their price objective on Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Finally, Barclays raised their target price on Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. One 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.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $359.14.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $379.25 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The company has a market cap of $72.13 billion, a price-to-earnings ratio of -566.04 and a beta of 1.57. The stock’s 50-day moving average is $336.25 and its two-hundred day moving average is $309.74. Spotify Technology S.A. has a 1-year low of $145.76 and a 1-year high of $389.23.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, topping 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 company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same quarter in the previous year, the business posted ($1.69) EPS. The firm’s revenue was up 19.8% on a year-over-year basis. Analysts forecast that Spotify Technology S.A. will post 6.26 EPS for the current fiscal year.

About Spotify Technology

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.