Alpha DNA Investment Management LLC Buys Shares of 2,602 Spotify Technology S.A. (NYSE:SPOT)

Alpha DNA Investment Management LLC bought a new stake in Spotify Technology S.A. (NYSE:SPOT) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,602 shares of the company’s stock, valued at approximately $816,000.

Several other hedge funds and other institutional investors have also modified their holdings of SPOT. Dimensional Fund Advisors LP increased its stake in Spotify Technology by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 261,508 shares of the company’s stock valued at $49,142,000 after buying an additional 4,352 shares during the period. Quadrant Capital Group LLC increased its stake in shares of Spotify Technology by 191.4% in the fourth quarter. Quadrant Capital Group LLC now owns 271 shares of the company’s stock worth $51,000 after acquiring an additional 178 shares during the last quarter. Corient Private Wealth LLC raised its holdings in shares of Spotify Technology by 0.8% during the fourth quarter. Corient Private Wealth LLC now owns 11,775 shares of the company’s stock worth $2,213,000 after acquiring an additional 97 shares in the last quarter. Assetmark Inc. boosted its position in Spotify Technology by 48.3% during the fourth quarter. Assetmark Inc. now owns 2,418 shares of the company’s stock valued at $454,000 after purchasing an additional 788 shares during the last quarter. Finally, Franklin Resources Inc. increased its position in Spotify Technology by 1,500.5% in the 4th quarter. Franklin Resources Inc. now owns 70,151 shares of the company’s stock worth $13,182,000 after purchasing an additional 65,768 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Up 3.1 %

SPOT stock opened at $380.31 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 $75.70 billion, a P/E ratio of -567.62 and a beta of 1.57. Spotify Technology S.A. has a 1-year low of $145.76 and a 1-year high of $382.60. The business’s 50 day moving average is $334.46 and its 200-day moving average is $309.21.

Spotify Technology (NYSE:SPOT) last released 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. The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The business’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.69) earnings per share. Equities analysts anticipate that Spotify Technology S.A. will post 6.26 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SPOT. Evercore ISI raised their price objective on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Redburn Atlantic restated a “sell” rating and set a $230.00 target price on shares of Spotify Technology in a report on Wednesday, July 10th. Jefferies Financial Group reiterated a “buy” rating and set a $385.00 price target (up previously from $242.00) on shares of Spotify Technology in a research note on Thursday, July 11th. Wolfe Research started coverage on Spotify Technology in a report on Friday, July 12th. They issued an “outperform” rating and a $390.00 target price for the company. Finally, Macquarie upped their target price on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average target price of $359.14.

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.