Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Magnetar Financial LLC

Magnetar Financial LLC lessened its stake in Spotify Technology S.A. (NYSE:SPOT) by 4.8% in the second quarter, Holdings Channel reports. The institutional investor owned 2,339 shares of the company’s stock after selling 119 shares during the quarter. Magnetar Financial LLC’s holdings in Spotify Technology were worth $734,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in SPOT. Beck Capital Management LLC increased its position in shares of Spotify Technology by 22.3% in the 2nd quarter. Beck Capital Management LLC now owns 10,974 shares of the company’s stock worth $3,443,000 after purchasing an additional 2,002 shares during the last quarter. D1 Capital Partners L.P. grew its stake in Spotify Technology by 5.6% in the second quarter. D1 Capital Partners L.P. now owns 680,061 shares of the company’s stock worth $213,396,000 after purchasing an additional 36,000 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Spotify Technology by 4.6% in the second quarter. EverSource Wealth Advisors LLC now owns 981 shares of the company’s stock valued at $337,000 after buying an additional 43 shares during the last quarter. Gabelli Funds LLC raised its stake in Spotify Technology by 15.2% during the second quarter. Gabelli Funds LLC now owns 54,826 shares of the company’s stock valued at $17,204,000 after buying an additional 7,227 shares in the last quarter. Finally, Itau Unibanco Holding S.A. bought a new position in Spotify Technology during the 2nd quarter worth approximately $912,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Up 3.1 %

SPOT opened at $380.31 on Wednesday. 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 stock’s fifty day moving average is $334.46 and its 200-day moving average is $309.21. Spotify Technology S.A. has a one year low of $145.76 and a one year high of $382.60. The company has a market capitalization of $75.70 billion, a PE ratio of -567.62 and a beta of 1.57.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter in the previous year, the company posted ($1.69) EPS. The business’s revenue was up 19.8% compared to the same quarter last year. On average, equities analysts predict that Spotify Technology S.A. will post 6.26 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Jefferies Financial Group reissued a “buy” rating and set a $385.00 target price (up from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. Guggenheim increased their price objective on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Redburn Atlantic restated a “sell” rating and issued a $230.00 target price on shares of Spotify Technology in a research note on Wednesday, July 10th. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target on the stock in a research report on Wednesday, July 24th. Finally, Evercore ISI boosted their price objective on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. 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. According to data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $359.14.

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.