Illinois Municipal Retirement Fund Increases Holdings in Spotify Technology S.A. (NYSE:SPOT)

Illinois Municipal Retirement Fund boosted its stake in Spotify Technology S.A. (NYSE:SPOT) by 4.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 73,288 shares of the company’s stock after acquiring an additional 3,289 shares during the period. Illinois Municipal Retirement Fund’s holdings in Spotify Technology were worth $22,997,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in SPOT. Transcendent Capital Group LLC purchased a new position in shares of Spotify Technology during the second quarter valued at about $25,000. Larson Financial Group LLC grew its holdings in shares of Spotify Technology by 86.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after acquiring an additional 43 shares during the period. Mather Group LLC. lifted its stake in shares of Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after purchasing an additional 99 shares during the period. FinTrust Capital Advisors LLC lifted its stake in shares of Spotify Technology by 400.0% in the 1st quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the period. Finally, Rothschild Investment LLC bought a new stake in shares of Spotify Technology during the second quarter valued at approximately $46,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on SPOT. Barclays raised their price objective on Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Guggenheim raised their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. TD Cowen boosted their price target on Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research report on Wednesday, July 24th. Macquarie raised their price objective on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Finally, DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price on the stock in a report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $356.38.

Spotify Technology Stock Down 1.8 %

SPOT stock traded down $5.86 during midday trading on Friday, reaching $322.77. 1,162,291 shares of the company’s stock traded hands, compared to its average volume of 1,411,772. The stock’s 50-day moving average is $325.42 and its 200 day moving average is $301.08. Spotify Technology S.A. has a 52-week low of $145.76 and a 52-week high of $359.38. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same period last year, the firm earned ($1.69) EPS. Spotify Technology’s revenue for the quarter was up 19.8% compared to the same quarter last year. As a group, sell-side analysts expect that Spotify Technology S.A. will post 6.37 earnings per share for the current fiscal year.

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.