XTX Topco Ltd Purchases New Position in Spotify Technology (NYSE:SPOT)

Key Points

• XTX Topco Ltd acquired 16,183 shares of Spotify Technology (NYSE:SPOT), valued at approximately $8.9 million, making it the fund's 9th largest holding.
• Spotify has a market capitalization of $143.63 billion and its stock has fluctuated between a one-year low of $300.57 and a high of $785.00.
• Recent analysts' upgrades have set target prices for Spotify Technology, with Deutsche Bank raising its target from $700 to $775 and Canaccord Genuity increasing it to $850.

XTX Topco Ltd purchased a new stake in Spotify Technology (NYSE:SPOT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 16,183 shares of the company's stock, valued at approximately $8,901,000. Spotify Technology makes up about 0.5% of XTX Topco Ltd's portfolio, making the stock its 9th largest position.

Several other large investors have also recently added to or reduced their stakes in the company. O Shaughnessy Asset Management LLC raised its holdings in shares of Spotify Technology by 18.5% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 22,598 shares of the company's stock worth $10,110,000 after buying an additional 3,536 shares in the last quarter. QRG Capital Management Inc. increased its holdings in Spotify Technology by 36.3% during the 1st quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock valued at $391,000 after purchasing an additional 189 shares in the last quarter. GAMMA Investing LLC increased its holdings in Spotify Technology by 38.1% during the 1st quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock valued at $718,000 after purchasing an additional 360 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in Spotify Technology by 16.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock valued at $4,699,000 after purchasing an additional 1,179 shares in the last quarter. Finally, Fifth Third Bancorp increased its holdings in Spotify Technology by 30.7% during the 1st quarter. Fifth Third Bancorp now owns 302 shares of the company's stock valued at $166,000 after purchasing an additional 71 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Pivotal Research raised their price target on Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. JPMorgan Chase & Co. raised their price target on Spotify Technology from $730.00 to $780.00 and gave the company an "overweight" rating in a report on Friday, July 11th. DZ Bank raised Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 target price for the company in a research note on Wednesday. The Goldman Sachs Group lifted their target price on Spotify Technology from $680.00 to $775.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Finally, Phillip Securities raised Spotify Technology to a "moderate sell" rating in a research note on Monday, May 5th. Nine equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, Spotify Technology currently has a consensus rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Price Performance

NYSE SPOT traded up $29.56 on Wednesday, reaching $649.57. The company had a trading volume of 5,864,886 shares, compared to its average volume of 2,103,503. The firm has a market cap of $132.97 billion, a price-to-earnings ratio of 157.66, a P/E/G ratio of 1.67 and a beta of 1.68. Spotify Technology has a fifty-two week low of $300.57 and a fifty-two week high of $785.00. The business has a 50 day moving average of $701.48 and a two-hundred day moving average of $621.28.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a return on equity of 14.62% and a net margin of 4.76%. The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the previous year, the business posted $0.97 earnings per share. The business's revenue was up 15.2% on a year-over-year basis. As a group, research analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal 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.