Summit Global Investments Takes $1.43 Million Position in Spotify Technology S.A. (NYSE:SPOT)

Summit Global Investments purchased a new position in Spotify Technology S.A. (NYSE:SPOT) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 4,562 shares of the company’s stock, valued at approximately $1,432,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Larson Financial Group LLC grew its stake in 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. Mather Group LLC. grew its position in shares of Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after buying an additional 99 shares during the last quarter. FinTrust Capital Advisors LLC raised its stake in shares of Spotify Technology by 400.0% during the 1st quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new stake in Spotify Technology during the first quarter valued at approximately $40,000. Finally, GAMMA Investing LLC acquired a new stake in Spotify Technology in the fourth quarter valued at approximately $32,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Performance

Shares of NYSE SPOT traded down $0.12 during midday trading on Wednesday, reaching $346.16. 1,215,275 shares of the stock were exchanged, compared to its average volume of 1,986,012. 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 firm has a 50-day simple moving average of $319.51 and a two-hundred day simple moving average of $293.03. Spotify Technology S.A. has a twelve month low of $131.04 and a twelve month high of $359.38.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.08 by $0.25. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The firm’s revenue was up 19.8% on a year-over-year basis. During the same quarter last year, the business earned ($1.69) earnings per share. As a group, sell-side analysts predict that Spotify Technology S.A. will post 6.32 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SPOT. Redburn Atlantic reaffirmed a “sell” rating and set a $230.00 price target on shares of Spotify Technology in a research report on Wednesday, July 10th. Benchmark reaffirmed a “buy” rating and set a $405.00 target price on shares of Spotify Technology in a research report on Monday, July 22nd. Citigroup raised their price target on Spotify Technology from $255.00 to $310.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7th. HSBC upped their price objective on shares of Spotify Technology from $310.00 to $355.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $353.15.

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.