PNC Financial Services Group Inc. Has $15.93 Million Stock Position in Spotify Technology $SPOT

PNC Financial Services Group Inc. boosted its stake in shares of Spotify Technology (NYSE:SPOT) by 17.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 20,756 shares of the company’s stock after acquiring an additional 3,082 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Spotify Technology were worth $15,927,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Joel Isaacson & Co. LLC increased its holdings in shares of Spotify Technology by 1.0% in the second quarter. Joel Isaacson & Co. LLC now owns 1,551 shares of the company’s stock valued at $1,190,000 after purchasing an additional 15 shares in the last quarter. Ignite Planners LLC increased its stake in shares of Spotify Technology by 2.4% in the 2nd quarter. Ignite Planners LLC now owns 637 shares of the company’s stock valued at $489,000 after buying an additional 15 shares during the period. Hartford Investment Management Co. raised its position in shares of Spotify Technology by 1.1% during the first quarter. Hartford Investment Management Co. now owns 1,449 shares of the company’s stock worth $797,000 after acquiring an additional 16 shares during the last quarter. Stonekeep Investments LLC lifted its stake in shares of Spotify Technology by 2.1% during the second quarter. Stonekeep Investments LLC now owns 773 shares of the company’s stock valued at $593,000 after acquiring an additional 16 shares during the period. Finally, Moody National Bank Trust Division boosted its holdings in Spotify Technology by 0.5% in the second quarter. Moody National Bank Trust Division now owns 2,931 shares of the company’s stock valued at $2,249,000 after acquiring an additional 16 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Analyst Ratings Changes

SPOT has been the subject of several recent research reports. Argus initiated coverage on Spotify Technology in a report on Monday, September 29th. They set a “buy” rating and a $845.00 price objective for the company. Rosenblatt Securities reduced their price objective on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. KeyCorp cut their price target on Spotify Technology from $860.00 to $830.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 30th. Barclays dropped their price objective on Spotify Technology from $750.00 to $700.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Finally, DZ Bank upgraded Spotify Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $758.86.

Spotify Technology Price Performance

NYSE SPOT opened at $634.57 on Friday. The stock’s 50-day moving average is $679.23 and its 200-day moving average is $683.57. Spotify Technology has a one year low of $443.21 and a one year high of $785.00. The firm has a market cap of $130.65 billion, a P/E ratio of 99.78, a P/E/G ratio of 2.13 and a beta of 1.67.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, topping the consensus estimate of $1.87 by $1.96. The firm had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.23 billion. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period last year, the company posted $1.45 EPS. Spotify Technology has set its Q4 2025 guidance at EPS. Equities analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Spotify Technology Company 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.