Spotify Technology $SPOT Stake Raised by Swedbank AB

Swedbank AB raised its holdings in shares of Spotify Technology (NYSE:SPOT) by 2.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,172,159 shares of the company’s stock after purchasing an additional 23,700 shares during the period. Spotify Technology accounts for approximately 0.8% of Swedbank AB’s portfolio, making the stock its 17th biggest holding. Swedbank AB’s holdings in Spotify Technology were worth $818,167,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in SPOT. Joel Isaacson & Co. LLC grew its position in Spotify Technology by 1.0% during 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 boosted its stake in shares of Spotify Technology by 2.4% during 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. Stonekeep Investments LLC boosted its stake in shares of Spotify Technology by 2.1% during the 2nd quarter. Stonekeep Investments LLC now owns 773 shares of the company’s stock valued at $593,000 after buying an additional 16 shares during the period. Moody National Bank Trust Division grew its holdings in shares of Spotify Technology by 0.5% during the 2nd 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 in the last quarter. Finally, Cloud Capital Management LLC increased its stake in shares of Spotify Technology by 4.8% in the second quarter. Cloud Capital Management LLC now owns 392 shares of the company’s stock worth $301,000 after acquiring an additional 18 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

Shares of SPOT opened at $579.05 on Wednesday. The company has a market capitalization of $119.22 billion, a PE ratio of 91.05, a price-to-earnings-growth 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. The company’s fifty day moving average price is $616.65 and its 200 day moving average price is $672.24.

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

Analysts Set New Price Targets

A number of research firms recently issued reports on SPOT. BNP Paribas Exane started coverage on Spotify Technology in a research report on Tuesday, September 16th. They set an “outperform” rating and a $900.00 price objective for the company. Guggenheim reduced their price target on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. JPMorgan Chase & Co. increased their price objective on Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Citizens Jmp started coverage on shares of Spotify Technology in a research note on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 target price for the company. Finally, Barclays decreased their target price on shares of Spotify Technology from $750.00 to $700.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus target price of $760.23.

About Spotify Technology

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.