Envestnet Asset Management Inc. Has $172.54 Million Holdings in Spotify Technology S.A. (NYSE:SPOT)

Envestnet Asset Management Inc. lifted its holdings in Spotify Technology S.A. (NYSE:SPOT) by 17.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 549,859 shares of the company’s stock after purchasing an additional 80,374 shares during the period. Envestnet Asset Management Inc. owned 0.29% of Spotify Technology worth $172,540,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Clearbridge Investments LLC raised its holdings in Spotify Technology by 0.6% in the 1st quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock worth $1,819,000 after acquiring an additional 38 shares during the period. Cigna Investments Inc. New raised its holdings in Spotify Technology by 3.3% in the 2nd quarter. Cigna Investments Inc. New now owns 1,260 shares of the company’s stock worth $395,000 after acquiring an additional 40 shares during the period. Moody Lynn & Lieberson LLC raised its holdings in Spotify Technology by 0.6% in the 2nd quarter. Moody Lynn & Lieberson LLC now owns 6,843 shares of the company’s stock worth $2,147,000 after acquiring an additional 40 shares during the period. Larson Financial Group LLC raised 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 worth $25,000 after acquiring an additional 43 shares during the period. Finally, Brookstone Capital Management raised its holdings in Spotify Technology by 4.6% in the 2nd quarter. Brookstone Capital Management now owns 1,339 shares of the company’s stock worth $395,000 after acquiring an additional 59 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on SPOT. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. JPMorgan Chase & Co. upped their target price on shares of Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. UBS Group increased their price target on shares of Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Cantor Fitzgerald began coverage on shares of Spotify Technology in a research report on Thursday, September 5th. They issued a “neutral” rating and a $340.00 price target for the company. Finally, Bank of America increased their price target on shares of Spotify Technology from $370.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. One investment 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 stock. According to MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $356.38.

Spotify Technology Price Performance

SPOT opened at $337.90 on Monday. Spotify Technology S.A. has a one year low of $145.76 and a one year high of $359.38. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The company’s 50 day simple moving average is $327.16 and its 200-day simple moving average is $304.68. The stock has a market capitalization of $67.26 billion, a P/E ratio of -504.32 and a beta of 1.57.

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