Styrax Capital LP Invests $18.49 Million in Spotify Technology S.A. (NYSE:SPOT)

Styrax Capital LP purchased a new position in Spotify Technology S.A. (NYSE:SPOT) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 138,357 shares of the company’s stock, valued at approximately $18,487,000. Spotify Technology accounts for 2.9% of Styrax Capital LP’s portfolio, making the stock its 12th biggest position. Styrax Capital LP owned 0.07% of Spotify Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. Ameritas Advisory Services LLC bought a new position in shares of Spotify Technology in the 1st quarter worth approximately $27,000. Spire Wealth Management grew its stake in shares of Spotify Technology by 148.4% during the 1st quarter. Spire Wealth Management now owns 236 shares of the company’s stock valued at $32,000 after acquiring an additional 141 shares during the period. First Manhattan Co. grew its stake 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 acquiring an additional 100 shares during the period. Machina Capital S.A.S. bought a new position in shares of Spotify Technology during the 1st quarter valued at approximately $38,000. Finally, Parkside Financial Bank & Trust grew its stake in shares of Spotify Technology by 40.8% during the 1st quarter. Parkside Financial Bank & Trust now owns 383 shares of the company’s stock valued at $51,000 after acquiring an additional 111 shares during the period. 56.89% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on SPOT. Robert W. Baird lifted their target price on shares of Spotify Technology from $160.00 to $175.00 in a research note on Monday, June 5th. Rosenblatt Securities lifted their target price on Spotify Technology from $141.00 to $150.00 and gave the company a “neutral” rating in a research note on Wednesday, July 26th. Truist Financial lifted their target price on Spotify Technology from $165.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, September 6th. Guggenheim raised their target price on shares of Spotify Technology from $165.00 to $180.00 in a research note on Tuesday, May 23rd. Finally, JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $160.00 to $190.00 in a research note on Wednesday, July 19th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $166.00.

Spotify Technology Stock Up 0.5 %

Shares of NYSE SPOT traded up $0.73 during trading hours on Monday, hitting $156.20. 430,510 shares of the stock were exchanged, compared to its average volume of 1,891,583. Spotify Technology S.A. has a 12 month low of $69.29 and a 12 month high of $182.00. The firm has a fifty day moving average price of $151.40 and a 200-day moving average price of $143.50. The company has a market cap of $30.41 billion, a PE ratio of -29.06 and a beta of 1.73.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, July 25th. The company reported ($1.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.89). The company had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.54 billion. Spotify Technology had a negative return on equity of 42.48% and a negative net margin of 7.79%. As a group, equities analysts anticipate that Spotify Technology S.A. will post -3.13 earnings per share for the current fiscal year.

Spotify Technology 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.