Peregrine Asset Advisers Inc. Makes New $4.61 Million Investment in Spotify Technology S.A. (NYSE:SPOT)

Peregrine Asset Advisers Inc. bought a new stake in Spotify Technology S.A. (NYSE:SPOT) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 14,683 shares of the company’s stock, valued at approximately $4,607,000. Spotify Technology makes up about 1.8% of Peregrine Asset Advisers Inc.’s holdings, making the stock its 12th biggest holding.

Several other hedge funds have also modified their holdings of SPOT. Renaissance Technologies LLC grew its holdings in Spotify Technology by 31.1% during the 2nd quarter. Renaissance Technologies LLC now owns 586,884 shares of the company’s stock valued at $184,158,000 after purchasing an additional 139,149 shares in the last quarter. Mesirow Financial Investment Management Inc. acquired a new stake in shares of Spotify Technology during the second quarter valued at about $310,000. Menard Financial Group LLC acquired a new stake in shares of Spotify Technology during the second quarter valued at about $636,000. Quantbot Technologies LP increased its position in shares of Spotify Technology by 321.5% during the second quarter. Quantbot Technologies LP now owns 30,199 shares of the company’s stock worth $9,476,000 after acquiring an additional 23,035 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Spotify Technology by 17.1% in the second quarter. Envestnet Asset Management Inc. now owns 549,859 shares of the company’s stock worth $172,540,000 after acquiring an additional 80,374 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on SPOT. Pivotal Research lifted their price objective on Spotify Technology from $400.00 to $460.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Bank of America upped their price target on shares of Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a report on Tuesday, July 2nd. KeyCorp raised their price objective on shares of Spotify Technology from $420.00 to $440.00 and gave the stock an “overweight” rating in a report on Monday. Guggenheim upped their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Finally, Morgan Stanley lifted their price target on Spotify Technology from $370.00 to $400.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $357.41.

Spotify Technology Price Performance

Shares of SPOT opened at $338.56 on Tuesday. The firm has a market capitalization of $67.39 billion, a price-to-earnings ratio of -505.31 and a beta of 1.57. The stock’s fifty day moving average is $327.66 and its 200-day moving average is $305.26. Spotify Technology S.A. has a one year low of $145.76 and a one year high of $359.38. 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 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. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. 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 company earned ($1.69) EPS. Spotify Technology’s quarterly revenue was up 19.8% on a year-over-year basis. Equities analysts anticipate that Spotify Technology S.A. will post 6.31 EPS for the current year.

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.