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

Peregrine Asset Advisers Inc. purchased a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 14,683 shares of the company’s stock, valued at approximately $4,607,000. Spotify Technology accounts for 1.8% of Peregrine Asset Advisers Inc.’s portfolio, making the stock its 12th biggest holding.

Other hedge funds have also made changes to their positions in the company. Evoke Wealth LLC acquired a new stake in Spotify Technology during the 4th quarter worth about $2,271,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Spotify Technology by 30.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock worth $21,024,000 after purchasing an additional 18,731 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Spotify Technology by 1,500.5% during the fourth 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 period. TD Asset Management Inc grew its position in Spotify Technology by 2.4% during the first quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock valued at $135,339,000 after purchasing an additional 12,192 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in Spotify Technology by 327.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock valued at $73,520,000 after buying an additional 299,700 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. UBS Group lifted their target price on shares of Spotify Technology from $375.00 to $400.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Morgan Stanley boosted their target price on Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and raised their price target for the stock from $320.00 to $425.00 in a research note on Wednesday, July 24th. Bank of America boosted their price target on Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday, July 2nd. Finally, KeyCorp raised their price objective on shares of Spotify Technology from $420.00 to $440.00 and gave the company an “overweight” rating in a research report on Monday. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $357.41.

Spotify Technology Stock Up 0.2 %

SPOT opened at $338.56 on Tuesday. The business has a 50 day moving average of $327.66 and a 200-day moving average of $305.26. The stock has a market capitalization of $67.39 billion, a price-to-earnings ratio of -505.31 and a beta of 1.57. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology S.A. has a 1-year low of $145.76 and a 1-year high of $359.38.

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. The firm had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The business’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.69) EPS. As a group, sell-side analysts anticipate that Spotify Technology S.A. will post 6.31 earnings per share for the current year.

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.