Atomi Financial Group Inc. Raises Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Atomi Financial Group Inc. boosted its holdings in Spotify Technology S.A. (NYSE:SPOT) by 14.2% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 1,274 shares of the company’s stock after buying an additional 158 shares during the period. Atomi Financial Group Inc.’s holdings in Spotify Technology were worth $400,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of SPOT. GQG Partners LLC purchased a new position in shares of Spotify Technology during the first quarter valued at about $610,040,000. Artisan Partners Limited Partnership grew its position in shares of Spotify Technology by 24.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock valued at $263,226,000 after purchasing an additional 277,733 shares in the last quarter. Bamco Inc. NY grew its position in Spotify Technology by 28.3% in the first quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock worth $228,164,000 after acquiring an additional 190,931 shares in the last quarter. Swedbank AB grew its position in Spotify Technology by 13.2% in the second quarter. Swedbank AB now owns 852,526 shares of the company’s stock worth $267,514,000 after acquiring an additional 99,730 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Spotify Technology by 4.0% in the first quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock worth $161,645,000 after acquiring an additional 23,675 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Up 1.0 %

SPOT stock traded up $3.40 during trading on Tuesday, hitting $339.47. 1,412,483 shares of the company’s stock traded hands, compared to its average volume of 1,976,260. The firm has a market capitalization of $64.57 billion, a P/E ratio of -506.67 and a beta of 1.59. The business has a fifty day simple moving average of $321.88 and a two-hundred day simple moving average of $296.04. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology S.A. has a 1 year low of $138.26 and a 1 year high of $359.38.

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 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%. Spotify Technology’s revenue was up 19.8% compared to the same quarter last year. During the same period last year, the company posted ($1.69) earnings per share. Sell-side analysts anticipate that Spotify Technology S.A. will post 6.32 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. JPMorgan Chase & Co. lifted their price target on Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Citigroup lifted their price target on Spotify Technology from $255.00 to $310.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Macquarie lifted their price target on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Barclays raised their price objective on shares of Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Finally, KeyCorp raised their price objective on shares of Spotify Technology from $400.00 to $410.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average 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.