Dnca Finance Buys 9,641 Shares of Spotify Technology $SPOT

Dnca Finance grew its stake in Spotify Technology (NYSE:SPOT) by 59.7% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 25,800 shares of the company’s stock after buying an additional 9,641 shares during the period. Spotify Technology comprises approximately 1.5% of Dnca Finance’s holdings, making the stock its 20th biggest position. Dnca Finance’s holdings in Spotify Technology were worth $19,797,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Knuff & Co LLC bought a new position in shares of Spotify Technology during the 2nd quarter valued at approximately $27,000. Sound Income Strategies LLC lifted its holdings in Spotify Technology by 156.3% during the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after purchasing an additional 25 shares in the last quarter. GFG Capital LLC purchased a new position in Spotify Technology during the second quarter valued at approximately $33,000. Avion Wealth bought a new position in shares of Spotify Technology in the second quarter worth approximately $38,000. Finally, Truvestments Capital LLC purchased a new stake in shares of Spotify Technology in the first quarter worth $34,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SPOT shares. The Goldman Sachs Group cut shares of Spotify Technology from a “buy” rating to a “neutral” rating and lifted their target price for the company from $765.00 to $770.00 in a research note on Tuesday, September 30th. Pivotal Research decreased their price target on Spotify Technology from $900.00 to $875.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. BNP Paribas upgraded Spotify Technology to a “strong-buy” rating in a research report on Tuesday, September 16th. DZ Bank upgraded Spotify Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Finally, JPMorgan Chase & Co. boosted their price target on Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $758.86.

Spotify Technology Price Performance

Shares of SPOT opened at $565.62 on Friday. The stock has a market capitalization of $116.46 billion, a price-to-earnings ratio of 88.93, a price-to-earnings-growth ratio of 1.87 and a beta of 1.66. Spotify Technology has a 1 year low of $443.21 and a 1 year high of $785.00. The business’s 50 day simple moving average is $642.44 and its 200-day simple moving average is $679.32.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, topping the consensus estimate of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The company had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. During the same quarter in the previous year, the business posted $1.45 earnings per share. Spotify Technology’s quarterly revenue was up 7.1% on a year-over-year basis. On average, sell-side analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

Spotify Technology 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.