Jackson Square Capital LLC Takes $6.27 Million Position in Spotify Technology S.A. (NYSE:SPOT)

Jackson Square Capital LLC acquired a new stake in Spotify Technology S.A. (NYSE:SPOT) in the 1st quarter, Holdings Channel.com reports. The institutional investor acquired 11,399 shares of the company’s stock, valued at approximately $6,270,000. Spotify Technology comprises approximately 2.0% of Jackson Square Capital LLC’s investment portfolio, making the stock its 15th biggest position.

Other hedge funds also recently modified their holdings of the company. Mpwm Advisory Solutions LLC bought a new position in Spotify Technology during the fourth quarter worth about $26,000. Hillsdale Investment Management Inc. bought a new position in Spotify Technology during the fourth quarter worth about $27,000. Copia Wealth Management bought a new position in Spotify Technology during the fourth quarter worth about $29,000. Thurston Springer Miller Herd & Titak Inc. grew its holdings in Spotify Technology by 209.1% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company’s stock worth $37,000 after purchasing an additional 46 shares during the period. Finally, Quent Capital LLC grew its holdings in Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares during the period. Institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

SPOT has been the subject of several research reports. Evercore ISI cut their price objective on shares of Spotify Technology from $700.00 to $650.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Canaccord Genuity Group restated a “buy” rating on shares of Spotify Technology in a research report on Friday, June 6th. Guggenheim restated a “buy” rating on shares of Spotify Technology in a research report on Friday, June 6th. Rosenblatt Securities cut their price objective on shares of Spotify Technology from $658.00 to $657.00 and set a “neutral” rating for the company in a research report on Wednesday, April 30th. Finally, Robert W. Baird raised their price objective on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Eight research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $611.14.

Spotify Technology Price Performance

Shares of SPOT opened at $710.53 on Friday. Spotify Technology S.A. has a one year low of $288.07 and a one year high of $717.87. The company has a market cap of $145.45 billion, a P/E ratio of 119.42 and a beta of 1.68. The firm has a 50 day simple moving average of $629.98 and a two-hundred day simple moving average of $566.13.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the prior year, the firm earned $0.97 earnings per share. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. On average, analysts expect that Spotify Technology S.A. will post 10.3 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.