Bank of Montreal Can Grows Holdings in Spotify Technology S.A. (NYSE:SPOT)

Bank of Montreal Can raised its position in Spotify Technology S.A. (NYSE:SPOT) by 489.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 139,741 shares of the company’s stock after buying an additional 116,045 shares during the period. Bank of Montreal Can owned 0.07% of Spotify Technology worth $44,910,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. GQG Partners LLC purchased a new stake in shares of Spotify Technology during the first quarter valued at approximately $610,040,000. Bamco Inc. NY increased its stake in shares of 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 purchasing an additional 190,931 shares in the last quarter. Swedbank AB raised its position in shares of Spotify Technology by 13.2% in the second quarter. Swedbank AB now owns 852,526 shares of the company’s stock valued at $267,514,000 after purchasing an additional 99,730 shares during the period. D1 Capital Partners L.P. raised its position in shares of Spotify Technology by 5.6% in the second quarter. D1 Capital Partners L.P. now owns 680,061 shares of the company’s stock valued at $213,396,000 after purchasing an additional 36,000 shares during the period. Finally, Sei Investments Co. boosted its holdings in Spotify Technology by 106.8% in the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after buying an additional 333,782 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

SPOT stock opened at $383.96 on Thursday. The firm has a market cap of $76.43 billion, a P/E ratio of -573.07 and a beta of 1.57. The firm’s fifty day moving average is $334.46 and its 200 day moving average is $309.21. Spotify Technology S.A. has a 52 week low of $145.76 and a 52 week high of $386.96. 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 announced its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) 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 firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same period last year, the firm earned ($1.69) earnings per share. The company’s revenue for the quarter was up 19.8% compared to the same quarter last year. Research analysts predict that Spotify Technology S.A. will post 6.26 earnings per share for the current year.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of analyst reports. Redburn Atlantic reissued a “sell” rating and set a $230.00 target price on shares of Spotify Technology in a report on Wednesday, July 10th. UBS Group increased their price objective on Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Jefferies Financial Group reaffirmed a “buy” rating and set a $385.00 target price (up previously from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. TD Cowen increased their price target on shares of Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. Finally, Wolfe Research began coverage on shares of Spotify Technology in a research note on Friday, July 12th. They set an “outperform” rating and a $390.00 price objective for the company. One equities research 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. According to data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and an average target price 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.