Spotify Technology S.A. (NYSE:SPOT) is Seven Eight Capital LP’s Largest Position

Seven Eight Capital LP lifted its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 20.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,845 shares of the company’s stock after acquiring an additional 5,275 shares during the quarter. Spotify Technology accounts for approximately 1.0% of Seven Eight Capital LP’s portfolio, making the stock its largest holding. Seven Eight Capital LP’s holdings in Spotify Technology were worth $9,679,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Larson Financial Group LLC boosted its holdings in Spotify Technology by 86.0% during the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after buying an additional 43 shares in the last quarter. Transcendent Capital Group LLC acquired a new stake in shares of Spotify Technology during the 2nd quarter valued at approximately $25,000. Mather Group LLC. boosted its stake in shares of Spotify Technology by 9,900.0% during the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after acquiring an additional 99 shares in the last quarter. FinTrust Capital Advisors LLC grew its holdings in shares of Spotify Technology by 400.0% in the 1st quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the period. Finally, Asset Dedication LLC purchased a new position in Spotify Technology in the 2nd quarter valued at approximately $35,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SPOT shares. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. KeyCorp increased their price objective on shares of Spotify Technology from $420.00 to $440.00 and gave the company an “overweight” rating in a research note on Monday. 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. Wolfe Research began coverage on shares of Spotify Technology in a report on Friday, July 12th. They issued an “outperform” rating and a $390.00 price target on the stock. Finally, TD Cowen raised their price objective on shares of Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $357.41.

Spotify Technology Price Performance

SPOT opened at $342.10 on Wednesday. Spotify Technology S.A. has a 52-week low of $145.76 and a 52-week high of $359.38. The company has a 50 day moving average of $328.27 and a two-hundred day moving average of $305.81. The company has a market cap of $65.07 billion, a P/E ratio of -510.60 and a beta of 1.57. 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 (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the prior year, the company earned ($1.69) EPS. The firm’s revenue was up 19.8% on a year-over-year basis. On average, analysts expect that Spotify Technology S.A. will post 6.31 earnings per share for the current year.

Spotify Technology Company 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.