Citigroup Inc. Increases Stock Position in Spotify Technology (NYSE:SPOT)

Key Points

• Citigroup Inc. increased its stake in Spotify Technology by 150.4% during the 1st quarter, owning approximately 0.11% of the company valued at $121,801,000 after acquiring 132,998 additional shares.
• A majority of stock ownership, around 84.09%, is held by hedge funds and institutional investors, indicating strong institutional support for Spotify.
• Analysts have mixed ratings on Spotify, with an average rating of "Moderate Buy" and a target price of $718.90; notable upgrades and downgrades reflect differing views on the stock's future performance.

Citigroup Inc. boosted its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 150.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 221,444 shares of the company's stock after buying an additional 132,998 shares during the period. Citigroup Inc. owned approximately 0.11% of Spotify Technology worth $121,801,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Jennison Associates LLC raised its holdings in shares of Spotify Technology by 42.3% in the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock valued at $2,336,494,000 after purchasing an additional 1,262,614 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Spotify Technology by 3.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock valued at $1,939,949,000 after purchasing an additional 112,553 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Spotify Technology by 1,151.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock valued at $957,494,000 after purchasing an additional 1,601,653 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Spotify Technology by 103.7% in the fourth quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock valued at $638,367,000 after purchasing an additional 726,245 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Spotify Technology by 26.8% in the first quarter. Deutsche Bank AG now owns 1,207,847 shares of the company's stock valued at $664,352,000 after purchasing an additional 255,432 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SPOT. Cantor Fitzgerald increased their target price on shares of Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a report on Wednesday, June 18th. Guggenheim raised their price objective on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a report on Wednesday, June 25th. The Goldman Sachs Group raised their price objective on shares of Spotify Technology from $680.00 to $775.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Robert W. Baird raised their price objective on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Finally, Phillip Securities upgraded shares of Spotify Technology from a "moderate sell" rating to a "hold" rating in a report on Monday, August 4th. Ten investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and a consensus price target of $718.90.

Spotify Technology Trading Up 2.9%

Shares of SPOT stock traded up $19.64 during trading hours on Friday, reaching $706.38. The stock had a trading volume of 2,361,417 shares, compared to its average volume of 2,795,071. The stock's fifty day simple moving average is $702.55 and its 200 day simple moving average is $631.84. Spotify Technology has a 12 month low of $319.07 and a 12 month high of $785.00. The firm has a market capitalization of $144.60 billion, a PE ratio of 171.45, a PEG ratio of 3.06 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) EPS for the quarter, missing analysts' consensus estimates 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%. Spotify Technology's revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.33 earnings per share. As a group, equities research analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Spotify Technology Profile

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.