Stevens Capital Management LP Invests $228,000 in Spotify Technology (NYSE:SPOT)

Stevens Capital Management LP acquired a new position in Spotify Technology (NYSE:SPOT) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 415 shares of the company’s stock, valued at approximately $228,000.

A number of other institutional investors have also made changes to their positions in the business. Freemont Management S.A. bought a new position in Spotify Technology during the first quarter valued at about $1,870,000. Pacer Advisors Inc. increased its stake in Spotify Technology by 13.2% during the first quarter. Pacer Advisors Inc. now owns 1,431 shares of the company’s stock valued at $787,000 after acquiring an additional 167 shares during the period. Assetmark Inc. increased its stake in Spotify Technology by 1.3% during the first quarter. Assetmark Inc. now owns 31,391 shares of the company’s stock valued at $17,266,000 after acquiring an additional 405 shares during the period. Nicholas Wealth LLC. bought a new position in Spotify Technology during the first quarter valued at about $1,041,000. Finally, Cetera Investment Advisers increased its stake in Spotify Technology by 14.2% during the first quarter. Cetera Investment Advisers now owns 23,513 shares of the company’s stock valued at $12,933,000 after acquiring an additional 2,917 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on SPOT shares. The Goldman Sachs Group boosted their price target on Spotify Technology from $680.00 to $775.00 and gave the company a “buy” rating in a research note on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft boosted their price target on Spotify Technology from $700.00 to $775.00 and gave the company a “buy” rating in a research note on Wednesday. Benchmark boosted their price target on Spotify Technology from $700.00 to $840.00 and gave the company a “buy” rating in a research note on Thursday, July 10th. Morgan Stanley lifted their price objective on Spotify Technology from $700.00 to $850.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. Finally, Wolfe Research raised Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 price objective on the stock in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $727.52.

Spotify Technology Stock Up 1.7%

SPOT opened at $692.85 on Friday. Spotify Technology has a 12 month low of $300.57 and a 12 month high of $785.00. The company has a fifty day simple moving average of $701.36 and a 200 day simple moving average of $618.42. The stock has a market cap of $141.83 billion, a P/E ratio of 114.90, a P/E/G ratio of 1.84 and a beta of 1.68.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter in the prior year, the company earned $0.97 EPS. Spotify Technology’s quarterly revenue was up 15.2% on a year-over-year basis. On average, equities research analysts expect that Spotify Technology will post 10.3 earnings per share 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.