Forsta AP Fonden Has $857.86 Million Stock Position in Spotify Technology (NYSE:SPOT)

Key Points

• Forsta AP Fonden raised its stake in Spotify Technology by 12.6%, bringing its total ownership to approximately 1,559,652 shares, making it the company's second-largest investor.
• Several analysts have revised their price targets for Spotify, with Bank of America increasing its target from $700 to $900, while others like Cantor Fitzgerald maintain a "neutral" rating.
• Spotify reported an EPS of ($0.42) for the last quarter, significantly missing the consensus estimate of $2.00, although its revenue grew by 10.1% year-over-year to reach $4.94 billion.

Forsta AP Fonden lifted its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 12.6% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,559,652 shares of the company's stock after buying an additional 174,700 shares during the quarter. Spotify Technology comprises about 6.5% of Forsta AP Fonden's portfolio, making the stock its 2nd largest holding. Forsta AP Fonden owned approximately 0.76% of Spotify Technology worth $857,855,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Savvy Advisors Inc. grew its holdings in Spotify Technology by 407.7% in the first quarter. Savvy Advisors Inc. now owns 2,559 shares of the company's stock worth $1,408,000 after purchasing an additional 2,055 shares during the period. National Bank of Canada FI increased its holdings in Spotify Technology by 43.1% during the 1st quarter. National Bank of Canada FI now owns 3,534 shares of the company's stock worth $1,944,000 after acquiring an additional 1,064 shares during the period. Citigroup Inc. grew its stake in Spotify Technology by 150.4% in the 1st quarter. Citigroup Inc. now owns 221,444 shares of the company's stock worth $121,801,000 after buying an additional 132,998 shares in the last quarter. Swiss National Bank grew its stake in Spotify Technology by 1.7% in the 1st quarter. Swiss National Bank now owns 430,300 shares of the company's stock worth $236,678,000 after buying an additional 7,400 shares in the last quarter. Finally, Fayez Sarofim & Co lifted its stake in shares of Spotify Technology by 8.8% in the 1st quarter. Fayez Sarofim & Co now owns 47,668 shares of the company's stock valued at $26,219,000 after acquiring an additional 3,848 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Up 2.9%

SPOT traded up $19.64 on Friday, reaching $706.38. The company had a trading volume of 2,361,417 shares, compared to its average volume of 2,740,359. The company has a fifty day moving average of $702.55 and a 200-day moving average of $630.93. The company has a market capitalization of $144.60 billion, a P/E ratio of 171.45, a PEG ratio of 3.06 and a beta of 1.69. Spotify Technology has a one year low of $319.07 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $2.00 by ($2.42). The business had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. Spotify Technology's revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.33 EPS. Research analysts predict that Spotify Technology will post 10.3 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on SPOT shares. UBS Group decreased their price objective on shares of Spotify Technology from $895.00 to $850.00 and set a "buy" rating for the company in a report on Wednesday, July 30th. Canaccord Genuity Group raised their price target on shares of Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Loop Capital lifted their price target on shares of Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a report on Friday, May 2nd. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target on the stock in a research report on Monday, April 21st. Finally, Rosenblatt Securities lowered their price target on Spotify Technology from $703.00 to $679.00 and set a "neutral" rating for the company in a research report on Wednesday, July 30th. Ten analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $718.90.

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.