Alpha DNA Investment Management LLC Purchases New Stake in Spotify Technology S.A. (NYSE:SPOT)

Alpha DNA Investment Management LLC bought a new stake in shares of Spotify Technology S.A. (NYSE:SPOTFree Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 2,602 shares of the company’s stock, valued at approximately $816,000.

Other hedge funds also recently modified their holdings of the company. Evoke Wealth LLC acquired a new position in Spotify Technology in the fourth quarter valued at about $2,271,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in Spotify Technology by 30.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock valued at $21,024,000 after purchasing an additional 18,731 shares during the period. Franklin Resources Inc. increased its stake in Spotify Technology by 1,500.5% in the fourth quarter. Franklin Resources Inc. now owns 70,151 shares of the company’s stock valued at $13,182,000 after purchasing an additional 65,768 shares in the last quarter. TD Asset Management Inc raised its holdings in Spotify Technology by 2.4% in the first quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock worth $135,339,000 after purchasing an additional 12,192 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in Spotify Technology by 327.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock worth $73,520,000 after purchasing an additional 299,700 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $380.31 on Wednesday. The company has a fifty day moving average price of $334.46 and a two-hundred day moving average price of $309.21. Spotify Technology S.A. has a one year low of $145.76 and a one year high of $382.60. The stock has a market cap of $75.70 billion, a P/E ratio of -567.62 and a beta of 1.57. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56.

Spotify Technology (NYSE:SPOTGet Free Report) last issued its earnings results 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 company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the prior year, the firm earned ($1.69) EPS. Spotify Technology’s quarterly revenue 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 EPS for the current year.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of research analyst reports. Morgan Stanley raised their price target on 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 shares of Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Wolfe Research began coverage on shares of Spotify Technology in a research report on Friday, July 12th. They set an “outperform” rating and a $390.00 price objective for the company. Finally, TD Cowen boosted their price objective on shares of Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $359.14.

Read Our Latest Analysis on Spotify Technology

Spotify Technology Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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