Corebridge Financial Inc. Has $14.46 Million Holdings in Spotify Technology $SPOT

Key Points

• Corebridge Financial Inc. increased its stake in Spotify Technology shares by 11.6% during the first quarter, bringing its total holdings to 26,295 shares valued at approximately $14.46 million.
• Multiple analysts have raised their target prices for Spotify Technology, with Bank of America setting a new target of $900 and Evercore ISI increasing theirs to $750, indicating strong market confidence in the company.
• Despite reporting an earnings per share of ($0.42) for the last quarter, missing estimates significantly, Spotify's revenue hit $4.94 billion, exceeding analyst expectations of $4.29 billion.

Corebridge Financial Inc. lifted its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 11.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,295 shares of the company's stock after buying an additional 2,741 shares during the quarter. Corebridge Financial Inc.'s holdings in Spotify Technology were worth $14,463,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Connective Capital Management LLC grew its position in shares of Spotify Technology by 47.7% during the first quarter. Connective Capital Management LLC now owns 3,958 shares of the company's stock worth $2,177,000 after buying an additional 1,279 shares in the last quarter. Taikang Asset Management Hong Kong Co Ltd acquired a new stake in shares of Spotify Technology during the first quarter worth approximately $1,961,000. Kayne Anderson Rudnick Investment Management LLC grew its position in shares of Spotify Technology by 728.6% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 116 shares of the company's stock worth $64,000 after buying an additional 102 shares in the last quarter. Synovus Financial Corp acquired a new stake in shares of Spotify Technology during the first quarter worth approximately $382,000. Finally, Oak Harvest Investment Services boosted its holdings in Spotify Technology by 26.0% in the first quarter. Oak Harvest Investment Services now owns 6,856 shares of the company's stock worth $3,771,000 after purchasing an additional 1,413 shares during the period. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Stock Down 0.7%

Spotify Technology stock traded down $4.62 during midday trading on Friday, hitting $683.19. The company's stock had a trading volume of 1,004,079 shares, compared to its average volume of 1,788,933. The stock's 50-day moving average price is $701.49 and its 200-day moving average price is $643.75. Spotify Technology has a 12 month low of $319.07 and a 12 month high of $785.00. The company has a market capitalization of $139.85 billion, a PE ratio of 165.82, a price-to-earnings-growth ratio of 2.96 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) EPS 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 during the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter last year, the firm posted $1.33 earnings per share. Spotify Technology's revenue was up 10.1% compared to the same quarter last year. Spotify Technology has set its Q3 2025 guidance at EPS. As a group, equities analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SPOT shares. Canaccord Genuity Group lifted their price objective on shares of Spotify Technology from $775.00 to $850.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. The Goldman Sachs Group lifted 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. Bank of America lifted their price objective on shares of Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. UBS Group cut their target price on Spotify Technology from $895.00 to $850.00 and set a "buy" rating on the stock in a research note on Wednesday, July 30th. Finally, Guggenheim raised their target price on Spotify Technology from $800.00 to $850.00 and gave the company a "buy" rating in a research note on Monday, August 18th. Twenty research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $720.07.

Spotify Technology Company 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.