Meadow Creek Wealth Advisors LLC Purchases New Shares in Spotify Technology S.A. (NYSE:SPOT)

Meadow Creek Wealth Advisors LLC purchased a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 555 shares of the company’s stock, valued at approximately $205,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GQG Partners LLC bought a new position in shares of Spotify Technology in the 1st quarter worth $610,040,000. Bamco Inc. NY raised its stake in Spotify Technology by 28.3% during the 1st quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock worth $228,164,000 after buying an additional 190,931 shares during the period. Swedbank AB raised its stake in Spotify Technology by 13.2% during the 2nd quarter. Swedbank AB now owns 852,526 shares of the company’s stock worth $267,514,000 after buying an additional 99,730 shares during the period. Perpetual Ltd raised its stake in Spotify Technology by 24.3% during the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after buying an additional 148,431 shares during the period. Finally, D1 Capital Partners L.P. raised its stake in Spotify Technology by 5.6% during the 2nd quarter. D1 Capital Partners L.P. now owns 680,061 shares of the company’s stock worth $213,396,000 after buying an additional 36,000 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Shares of SPOT opened at $389.22 on Wednesday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The firm has a market cap of $77.47 billion, a PE ratio of 158.22 and a beta of 1.58. The company’s 50 day simple moving average is $354.46 and its 200-day simple moving average is $324.45. Spotify Technology S.A. has a 12-month low of $155.00 and a 12-month high of $389.48.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same quarter in the previous year, the company earned ($1.69) EPS. The firm’s revenue for the quarter was up 19.8% compared to the same quarter last year. As a group, equities analysts predict that Spotify Technology S.A. will post 6.22 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wolfe Research assumed coverage on Spotify Technology in a research note on Friday, July 12th. They issued an “outperform” rating and a $390.00 price target on the stock. Morgan Stanley lifted their price target on Spotify Technology from $400.00 to $430.00 and gave the company an “overweight” rating in a research note on Wednesday. UBS Group lifted their target price on Spotify Technology from $375.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Redburn Atlantic reaffirmed a “sell” rating and issued a $230.00 target price on shares of Spotify Technology in a research report on Wednesday, July 10th. Finally, DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price on the stock in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $363.24.

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.