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National Bank of Canada FI Has $1.94 Million Stock Holdings in Spotify Technology (NYSE:SPOT)

Spotify Technology logo with Computer and Technology background

Key Points

  • National Bank of Canada FI increased its holdings in Spotify Technology by 43.1%, owning 3,534 shares worth approximately $1.94 million by the end of the first quarter.
  • Multiple large investors, including Citigroup Inc. and Swiss National Bank, have significantly raised their stakes in Spotify Technology during the same period.
  • Spotify missed earnings estimates in its latest quarter, reporting a loss of ($0.42) per share, despite achieving a revenue of $4.94 billion, which was above expectations.
  • Need better tools to track Spotify Technology? Try 5 Weeks of MarketBeat All Access for $5. Start Portfolio Tracking Now.

National Bank of Canada FI increased its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 43.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,534 shares of the company's stock after acquiring an additional 1,064 shares during the quarter. National Bank of Canada FI's holdings in Spotify Technology were worth $1,944,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in SPOT. Citigroup Inc. boosted its stake in Spotify Technology by 150.4% during the 1st quarter. Citigroup Inc. now owns 221,444 shares of the company's stock worth $121,801,000 after acquiring an additional 132,998 shares during the last quarter. Swiss National Bank increased its stake in Spotify Technology by 1.7% in the first quarter. Swiss National Bank now owns 430,300 shares of the company's stock valued at $236,678,000 after purchasing an additional 7,400 shares in the last quarter. Fayez Sarofim & Co boosted its position in shares of Spotify Technology by 8.8% during the first quarter. Fayez Sarofim & Co now owns 47,668 shares of the company's stock worth $26,219,000 after purchasing an additional 3,848 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Spotify Technology by 10.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 123,044 shares of the company's stock worth $67,678,000 after purchasing an additional 11,680 shares in the last quarter. Finally, Accuvest Global Advisors bought a new position in shares of Spotify Technology during the first quarter worth $3,917,000. Institutional investors and hedge funds own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

SPOT has been the topic of several research analyst reports. DZ Bank raised Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price objective on the stock in a research note on Wednesday, July 30th. Guggenheim increased their price target on Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a report on Wednesday, June 25th. Robert W. Baird lifted their price objective on Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Barclays cut their price objective on Spotify Technology from $800.00 to $750.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. lifted their price objective on Spotify Technology from $730.00 to $780.00 and gave the company an "overweight" rating in a report on Friday, July 11th. Ten research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, Spotify Technology currently has a consensus rating of "Moderate Buy" and an average price target of $718.90.

Get Our Latest Research Report on SPOT

Spotify Technology Trading Up 0.4%

Shares of NYSE SPOT opened at $697.85 on Friday. Spotify Technology has a 12 month low of $319.07 and a 12 month high of $785.00. The stock has a 50 day moving average of $702.88 and a 200-day moving average of $635.18. The company has a market capitalization of $142.86 billion, a P/E ratio of 169.38, a P/E/G ratio of 3.01 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of $2.00 by ($2.42). The firm had revenue of $4.94 billion during 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%. The business's revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.33 earnings per share. Analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

About Spotify Technology

(Free Report)

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.

See Also

Want to see what other hedge funds are holding SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spotify Technology (NYSE:SPOT - Free Report).

Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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