Ignite Planners LLC Invests $230,000 in Spotify Technology S.A. (NYSE:SPOT)

Ignite Planners LLC purchased a new position in 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 firm purchased 726 shares of the company’s stock, valued at approximately $230,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Larson Financial Group LLC increased its holdings in Spotify Technology by 86.0% in the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after buying an additional 43 shares during the period. Mather Group LLC. boosted its holdings in shares of Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after purchasing an additional 99 shares in the last quarter. GAMMA Investing LLC bought a new position in shares of Spotify Technology in the 4th quarter valued at $32,000. FinTrust Capital Advisors LLC raised its holdings in shares of Spotify Technology by 400.0% during the 1st quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after buying an additional 100 shares in the last quarter. Finally, Lindbrook Capital LLC lifted its position in shares of Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after buying an additional 50 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SPOT. Guggenheim increased their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. HSBC upped their price target on shares of Spotify Technology from $310.00 to $355.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Citigroup boosted their price objective on Spotify Technology from $255.00 to $310.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target on the stock in a research note on Wednesday, July 24th. Finally, Pivotal Research raised their price objective on shares of Spotify Technology from $400.00 to $460.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $353.15.

Spotify Technology Stock Performance

SPOT traded up $1.58 on Friday, hitting $339.90. The company’s stock had a trading volume of 1,213,055 shares, compared to its average volume of 2,003,084. The company’s 50 day simple moving average is $316.28 and its 200-day simple moving average is $286.50. 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 S.A. has a 12 month low of $129.23 and a 12 month high of $359.38. The firm has a market cap of $67.66 billion, a P/E ratio of -507.31 and a beta of 1.59.

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, beating the consensus estimate of $1.08 by $0.25. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The firm’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.69) earnings per share. Analysts forecast that Spotify Technology S.A. will post 6.32 EPS 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.