Generate Investment Management Ltd Has $12.56 Million Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Generate Investment Management Ltd boosted its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 14.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 40,038 shares of the company’s stock after buying an additional 5,012 shares during the period. Generate Investment Management Ltd’s holdings in Spotify Technology were worth $12,564,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of SPOT. GQG Partners LLC bought a new stake in shares of Spotify Technology in the 1st quarter worth $610,040,000. Swedbank AB bought a new stake in shares of Spotify Technology in the 1st quarter worth $198,663,000. Norges Bank bought a new stake in shares of Spotify Technology in the 4th quarter worth $92,429,000. 1832 Asset Management L.P. bought a new stake in shares of Spotify Technology in the 4th quarter worth $83,094,000. Finally, Envestnet Asset Management Inc. grew its stake in shares of Spotify Technology by 327.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock worth $73,520,000 after acquiring an additional 299,700 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Down 0.6 %

Shares of SPOT opened at $340.83 on Tuesday. The firm has a market cap of $67.84 billion, a price-to-earnings ratio of -511.75 and a beta of 1.59. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. Spotify Technology S.A. has a fifty-two week low of $145.76 and a fifty-two week high of $359.38. The firm has a 50 day moving average price of $324.62 and a 200-day moving average price of $299.56.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, topping 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 company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same period in the previous year, the firm earned ($1.69) earnings per share. The firm’s revenue for the quarter was up 19.8% on a year-over-year basis. As a group, equities research analysts forecast that Spotify Technology S.A. will post 6.37 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SPOT. Citigroup increased their price target on shares of Spotify Technology from $255.00 to $310.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and increased their price target for the company from $320.00 to $425.00 in a research report on Wednesday, July 24th. JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. KeyCorp increased their price target on shares of Spotify Technology from $400.00 to $410.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Finally, TD Cowen increased their target price on shares of Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $356.96.

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.