Renaissance Technologies LLC Has $184.16 Million Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Renaissance Technologies LLC grew its position in Spotify Technology S.A. (NYSE:SPOT) by 31.1% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 586,884 shares of the company’s stock after buying an additional 139,149 shares during the period. Renaissance Technologies LLC owned 0.29% of Spotify Technology worth $184,158,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Mesirow Financial Investment Management Inc. acquired a new stake in shares of Spotify Technology during the second quarter worth $310,000. Menard Financial Group LLC bought a new stake in Spotify Technology in the second quarter valued at about $636,000. Quantbot Technologies LP increased its holdings in Spotify Technology by 321.5% in the second quarter. Quantbot Technologies LP now owns 30,199 shares of the company’s stock valued at $9,476,000 after purchasing an additional 23,035 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in Spotify Technology by 17.1% in the second quarter. Envestnet Asset Management Inc. now owns 549,859 shares of the company’s stock valued at $172,540,000 after purchasing an additional 80,374 shares during the last quarter. Finally, Thoroughbred Financial Services LLC bought a new stake in Spotify Technology in the second quarter valued at about $628,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $337.90 on Monday. 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 stock has a 50 day moving average price of $327.16 and a 200 day moving average price of $304.68. The stock has a market capitalization of $67.26 billion, a PE ratio of -504.32 and a beta of 1.57. Spotify Technology S.A. has a 52 week low of $145.76 and a 52 week high of $359.38.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.25. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The business’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.69) earnings per share. Analysts predict that Spotify Technology S.A. will post 6.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Macquarie upped their price objective on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Morgan Stanley upped their price objective on Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Benchmark reissued a “buy” rating and issued a $405.00 target price on shares of Spotify Technology in a research note on Monday, July 22nd. KeyCorp boosted their target price on Spotify Technology from $420.00 to $440.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Cantor Fitzgerald assumed coverage on Spotify Technology in a research note on Thursday, September 5th. They issued a “neutral” rating and a $340.00 target price for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $357.41.

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.