Edgestream Partners L.P. Has $5.99 Million Holdings in Spotify Technology S.A. (NYSE:SPOT)

Edgestream Partners L.P. lowered its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 5.2% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 19,098 shares of the company’s stock after selling 1,055 shares during the period. Edgestream Partners L.P.’s holdings in Spotify Technology were worth $5,993,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Private Advisor Group LLC raised its holdings in shares of Spotify Technology by 5.7% in the fourth quarter. Private Advisor Group LLC now owns 1,397 shares of the company’s stock valued at $263,000 after purchasing an additional 75 shares during the last quarter. Principal Securities Inc. purchased a new stake in Spotify Technology in the 4th quarter valued at about $71,000. Dimensional Fund Advisors LP lifted its position in shares of Spotify Technology by 1.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 261,508 shares of the company’s stock worth $49,142,000 after buying an additional 4,352 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Spotify Technology by 43.0% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 3,672 shares of the company’s stock worth $690,000 after buying an additional 1,104 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Spotify Technology by 212.6% in the fourth quarter. Principal Financial Group Inc. now owns 54,157 shares of the company’s stock valued at $10,177,000 after acquiring an additional 36,835 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SPOT. Jefferies Financial Group reissued a “buy” rating and issued a $385.00 price objective (up previously from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. Morgan Stanley increased their price target on shares of Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. DZ Bank upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a report on Wednesday, July 24th. Benchmark reissued a “buy” rating and set a $405.00 target price on shares of Spotify Technology in a research report on Monday, July 22nd. Finally, Macquarie lifted their price target 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. One equities 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 company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $357.41.

Spotify Technology Trading Up 0.2 %

Shares of SPOT stock opened at $338.56 on Tuesday. The company has a market capitalization of $67.39 billion, a PE ratio of -505.31 and a beta of 1.57. Spotify Technology S.A. has a 52-week low of $145.76 and a 52-week high of $359.38. The business’s fifty day moving average is $327.66 and its 200 day moving average is $305.26. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same quarter last year, the firm posted ($1.69) EPS. The company’s revenue was up 19.8% compared to the same quarter last year. On average, equities research analysts anticipate that Spotify Technology S.A. will post 6.31 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.