PNC Financial Services Group Inc. Has $9.72 Million Stake in Spotify Technology (NYSE:SPOT)

Key Points

• PNC Financial Services Group Inc. increased its stake in Spotify Technology by 31.6%, now holding 17,674 shares worth approximately $9.72 million.
• Spotify's recent quarterly earnings report showed a loss of ($0.42) per share, significantly below the expected $2.00, but revenue grew 10.1% year-over-year to $4.94 billion.
• Analysts have varied assessments for Spotify's stock, with a consensus rating of "Moderate Buy" and an average target price of $718.90.

PNC Financial Services Group Inc. boosted its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 31.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,674 shares of the company's stock after purchasing an additional 4,240 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Spotify Technology were worth $9,721,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hartford Investment Management Co. raised its position in shares of Spotify Technology by 1.1% in the 1st quarter. Hartford Investment Management Co. now owns 1,449 shares of the company's stock valued at $797,000 after buying an additional 16 shares in the last quarter. HM Payson & Co. raised its position in shares of Spotify Technology by 39.1% in the 1st quarter. HM Payson & Co. now owns 64 shares of the company's stock valued at $35,000 after buying an additional 18 shares in the last quarter. Adero Partners LLC raised its position in shares of Spotify Technology by 0.7% in the 1st quarter. Adero Partners LLC now owns 2,635 shares of the company's stock valued at $1,449,000 after buying an additional 19 shares in the last quarter. North Star Investment Management Corp. raised its position in shares of Spotify Technology by 52.8% in the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after buying an additional 19 shares in the last quarter. Finally, Covenant Partners LLC raised its position in shares of Spotify Technology by 2.5% in the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock valued at $458,000 after buying an additional 25 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Stock Down 1.7%

Shares of NYSE SPOT opened at $647.08 on Wednesday. The company's fifty day simple moving average is $700.69 and its 200 day simple moving average is $626.81. Spotify Technology has a 12-month low of $319.07 and a 12-month high of $785.00. The firm has a market cap of $132.46 billion, a PE ratio of 157.06, a P/E/G ratio of 2.85 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last released 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). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The business had revenue of $4.94 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the previous year, the company posted $1.33 EPS. The business's quarterly revenue was up 10.1% on a year-over-year basis. On average, equities analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Analysts Set New Price Targets

SPOT has been the subject of several analyst reports. Macquarie boosted their target price on shares of Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Phillip Securities upgraded shares of Spotify Technology from a "moderate sell" rating to a "hold" rating in a research report on Monday. KeyCorp lowered their price objective on shares of Spotify Technology from $860.00 to $830.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Benchmark lowered their price objective on shares of Spotify Technology from $840.00 to $800.00 and set a "buy" rating for the company in a research report on Wednesday, July 30th. Finally, Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective for the company in a research report on Monday, April 21st. Ten analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average 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.

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