Spotify Technology $SPOT Shares Acquired by Swedbank AB

Swedbank AB increased its holdings in shares of Spotify Technology (NYSE:SPOT) by 2.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,172,159 shares of the company’s stock after acquiring an additional 23,700 shares during the quarter. Spotify Technology makes up approximately 0.8% of Swedbank AB’s holdings, making the stock its 17th biggest holding. Swedbank AB owned 0.57% of Spotify Technology worth $818,167,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SPOT. Sapient Capital LLC bought a new position in Spotify Technology in the 2nd quarter worth about $322,000. Legacy Capital Group California Inc. boosted its position in shares of Spotify Technology by 110.9% during the second quarter. Legacy Capital Group California Inc. now owns 3,896 shares of the company’s stock worth $2,990,000 after buying an additional 2,049 shares during the period. Integrated Wealth Concepts LLC grew its holdings in Spotify Technology by 39.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 2,702 shares of the company’s stock worth $1,486,000 after buying an additional 769 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Spotify Technology in the 2nd quarter worth approximately $18,877,000. Finally, Harbor Investment Advisory LLC increased its position in Spotify Technology by 36.0% in the 2nd quarter. Harbor Investment Advisory LLC now owns 2,054 shares of the company’s stock valued at $1,576,000 after acquiring an additional 544 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Shares of SPOT opened at $579.05 on Wednesday. The company has a 50-day moving average of $616.65 and a two-hundred day moving average of $672.24. The stock has a market cap of $119.22 billion, a price-to-earnings ratio of 91.05, a PEG ratio of 1.87 and a beta of 1.66. Spotify Technology has a one year low of $443.21 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The business had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.23 billion. During the same quarter in the previous year, the business earned $1.45 earnings per share. The firm’s revenue was up 7.1% compared to the same quarter last year. Analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

SPOT has been the subject of several recent analyst reports. Barclays decreased their price objective on shares of Spotify Technology from $750.00 to $700.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Rosenblatt Securities decreased their price target on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. DZ Bank raised Spotify Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Citigroup raised their target price on Spotify Technology from $715.00 to $750.00 and gave the company a “neutral” rating in a research note on Tuesday, September 9th. Finally, Wall Street Zen raised Spotify Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $760.23.

Spotify Technology Company Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.