Seven Eight Capital LP Purchases 5,275 Shares of Spotify Technology S.A. (NYSE:SPOT)

Seven Eight Capital LP boosted its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 20.6% in the second quarter, Holdings Channel.com reports. The firm owned 30,845 shares of the company’s stock after acquiring an additional 5,275 shares during the period. Spotify Technology comprises approximately 1.0% of Seven Eight Capital LP’s investment portfolio, making the stock its largest position. Seven Eight Capital LP’s holdings in Spotify Technology were worth $9,679,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPOT. Evoke Wealth LLC bought a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $2,271,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Spotify Technology by 30.7% during 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 during the last quarter. Franklin Resources Inc. raised its stake in Spotify Technology by 1,500.5% during the fourth quarter. Franklin Resources Inc. now owns 70,151 shares of the company’s stock worth $13,182,000 after acquiring an additional 65,768 shares during the period. TD Asset Management Inc raised its position in shares of Spotify Technology by 2.4% during the 1st 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. lifted its stake in Spotify Technology by 327.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock valued at $73,520,000 after buying an additional 299,700 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on SPOT shares. Cantor Fitzgerald initiated coverage on shares of Spotify Technology in a research report on Thursday, September 5th. They issued a “neutral” rating and a $340.00 target price for the company. 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 research report on Wednesday, July 24th. TD Cowen raised their price objective on Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research report on Wednesday, July 24th. Rosenblatt Securities lifted their target price on shares of Spotify Technology from $396.00 to $399.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Finally, Macquarie boosted their price target on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $357.41.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $342.10 on Wednesday. Spotify Technology S.A. has a 52-week low of $145.76 and a 52-week high of $359.38. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The company has a fifty day moving average of $328.27 and a 200-day moving average of $305.81. The stock has a market capitalization of $65.07 billion, a price-to-earnings ratio of -510.60 and a beta of 1.57.

Spotify Technology (NYSE:SPOT) last issued 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 business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same period in the previous year, the firm earned ($1.69) EPS. The company’s quarterly revenue was up 19.8% compared to the same quarter last year. Equities research analysts expect that Spotify Technology S.A. will post 6.31 EPS 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.