Korea Investment CORP Raises Stock Holdings in Spotify Technology $SPOT

Key Points

• Korea Investment CORP raised its stake in Spotify by 17.4% in Q3 to 173,454 shares (about 0.08% ownership), valued at roughly $121.07 million.
• Spotify beat expectations for the quarter with EPS of $5.16 vs. $3.16 estimated and revenue of $5.32B vs. $5.14B, with revenue up 6.8% year‑over‑year and a 13.16% net margin.
• Analysts have a consensus rating of "Moderate Buy" with a consensus price target of $698.91, following several recent upgrades and target revisions in the $650–$700 range.

Korea Investment CORP raised its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 17.4% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 173,454 shares of the company's stock after buying an additional 25,671 shares during the period. Korea Investment CORP owned about 0.08% of Spotify Technology worth $121,071,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Sivia Capital Partners LLC bought a new position in shares of Spotify Technology during the second quarter valued at about $312,000. Moors & Cabot Inc. bought a new stake in shares of Spotify Technology in the second quarter worth about $315,000. Atlantic Union Bankshares Corp purchased a new position in Spotify Technology during the 2nd quarter valued at about $127,000. SouthState Corp increased its holdings in Spotify Technology by 187.3% during the 2nd quarter. SouthState Corp now owns 204 shares of the company's stock valued at $157,000 after purchasing an additional 133 shares during the period. Finally, Savant Capital LLC raised its position in Spotify Technology by 50.5% during the 2nd quarter. Savant Capital LLC now owns 2,767 shares of the company's stock valued at $2,123,000 after purchasing an additional 929 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Analysts Set New Price Targets

SPOT has been the subject of several research analyst reports. Phillip Securities upgraded Spotify Technology from a "hold" rating to a "moderate buy" rating in a report on Monday, November 10th. Citigroup upgraded Spotify Technology from a "neutral" rating to a "buy" rating and set a $650.00 target price for the company in a report on Friday, January 30th. Barclays raised their price target on Spotify Technology from $625.00 to $650.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 11th. Cantor Fitzgerald cut their price target on shares of Spotify Technology from $615.00 to $525.00 and set a "neutral" rating on the stock in a report on Wednesday, February 11th. Finally, The Goldman Sachs Group raised shares of Spotify Technology from a "neutral" rating to a "buy" rating and reduced their price objective for the company from $735.00 to $700.00 in a research report on Friday, January 23rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $698.91.

Spotify Technology Stock Performance

Shares of SPOT opened at $566.73 on Friday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The firm's 50-day simple moving average is $507.95 and its two-hundred day simple moving average is $601.40. The stock has a market cap of $116.65 billion, a PE ratio of 58.79, a price-to-earnings-growth ratio of 1.23 and a beta of 1.66.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.16 by $2.00. The firm had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The business's revenue was up 6.8% on a year-over-year basis. During the same period last year, the business earned $1.88 earnings per share. Equities research analysts predict that Spotify Technology will post 10.3 EPS for the current year.

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.

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