Rheos Capital Works Inc. Acquires 7,000 Shares of Spotify Technology S.A. (NYSE:SPOT)

Rheos Capital Works Inc. grew its holdings in Spotify Technology S.A. (NYSE:SPOT) by 10.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 73,500 shares of the company’s stock after purchasing an additional 7,000 shares during the period. Spotify Technology comprises about 1.4% of Rheos Capital Works Inc.’s investment portfolio, making the stock its 21st biggest holding. Rheos Capital Works Inc.’s holdings in Spotify Technology were worth $27,087,000 at the end of the most recent quarter.

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 1st quarter valued at about $610,040,000. Swedbank AB purchased a new stake in Spotify Technology during the 1st quarter valued at $198,663,000. Sei Investments Co. lifted its holdings in shares of Spotify Technology by 106.8% during the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after buying an additional 333,782 shares during the period. Castle Hook Partners LP purchased a new position in shares of Spotify Technology in the 1st quarter worth $60,870,000. Finally, Bamco Inc. NY grew its holdings 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 acquiring an additional 190,931 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Down 0.2 %

Shares of SPOT opened at $371.67 on Thursday. Spotify Technology S.A. has a fifty-two week low of $145.76 and a fifty-two week high of $389.23. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The company’s fifty day moving average is $351.22 and its 200 day moving average is $321.62. The stock has a market capitalization of $70.69 billion, a PE ratio of -554.73 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last issued 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. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The company’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.69) earnings per share. Sell-side analysts expect that Spotify Technology S.A. will post 6.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SPOT. JPMorgan Chase & Co. increased their target price on Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Pivotal Research raised their price objective on shares of Spotify Technology from $460.00 to $510.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. UBS Group upped their target price on shares of Spotify Technology from $375.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, July 11th. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $320.00 to $425.00 in a research note on Wednesday, July 24th. Finally, TD Cowen upped their price objective on 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, five have assigned a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $360.86.

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.