Swiss National Bank Boosts Stake in Spotify Technology (NYSE:SPOT)

Key Points

• The Swiss National Bank increased its stake in Spotify Technology by 1.7%, holding approximately 430,300 shares valued at $236.68 million after acquiring an additional 7,400 shares in the first quarter.
• Several institutional investors and hedge funds have also significantly increased their positions in Spotify, with Wealth Enhancement Advisory Services LLC boosting its stake by 238.8%.
• Spotify reported earnings of ($0.42) per share for the quarter, missing expectations, while revenue reached $4.94 billion, exceeding analyst forecasts.

Swiss National Bank grew its position in Spotify Technology (NYSE:SPOT - Free Report) by 1.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 430,300 shares of the company's stock after acquiring an additional 7,400 shares during the period. Swiss National Bank owned about 0.21% of Spotify Technology worth $236,678,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. QRG Capital Management Inc. raised its position in shares of Spotify Technology by 36.3% in the first quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock worth $391,000 after acquiring an additional 189 shares during the period. GAMMA Investing LLC raised its position in shares of Spotify Technology by 38.1% during the 1st quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock worth $718,000 after purchasing an additional 360 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of Spotify Technology by 16.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock worth $4,699,000 after purchasing an additional 1,179 shares during the last quarter. Fifth Third Bancorp raised its position in shares of Spotify Technology by 30.7% during the 1st quarter. Fifth Third Bancorp now owns 302 shares of the company's stock worth $166,000 after purchasing an additional 71 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Spotify Technology by 238.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,441 shares of the company's stock worth $13,993,000 after purchasing an additional 17,932 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Stock Up 2.9%

Shares of Spotify Technology stock traded up $19.64 during mid-day trading on Friday, hitting $706.38. The stock had a trading volume of 2,361,417 shares, compared to its average volume of 2,740,359. The firm has a 50-day moving average of $702.55 and a two-hundred day moving average of $630.93. 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 $144.60 billion, a P/E ratio of 171.45, a price-to-earnings-growth ratio of 3.06 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results 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 net margin of 4.76% and a return on equity of 13.67%. The firm had revenue of $4.94 billion during the quarter, compared to analysts' expectations of $4.29 billion. During the same period last year, the company earned $1.33 EPS. The business's quarterly revenue was up 10.1% on a year-over-year basis. Sell-side analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Macquarie upped their price target on shares of Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Morgan Stanley reduced their price target on shares of Spotify Technology from $850.00 to $800.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Guggenheim upped their price target on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. Canaccord Genuity Group upped their price target on shares of Spotify Technology from $775.00 to $850.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Finally, Pivotal Research upped their price target on shares of Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Ten investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $718.90.

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.