Swiss National Bank Has $236.68 Million Holdings 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 boosted its position in Spotify Technology (NYSE:SPOT - Free Report) by 1.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 430,300 shares of the company's stock after buying an additional 7,400 shares during the quarter. Swiss National Bank owned approximately 0.21% of Spotify Technology worth $236,678,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mpwm Advisory Solutions LLC bought a new stake in shares of Spotify Technology in the 4th quarter valued at about $26,000. Tsfg LLC bought a new stake in shares of Spotify Technology in the 1st quarter valued at about $28,000. Copia Wealth Management purchased a new position in shares of Spotify Technology during the 4th quarter worth approximately $29,000. Cornerstone Planning Group LLC boosted its position in shares of Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after purchasing an additional 41 shares in the last quarter. Finally, North Star Investment Management Corp. lifted its holdings in shares of Spotify Technology by 52.8% during 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 during the period. Institutional investors and hedge funds own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SPOT shares. Benchmark reduced their price objective on Spotify Technology from $840.00 to $800.00 and set a "buy" rating on the stock in a research note on Wednesday, July 30th. Pivotal Research increased their target price on Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. KeyCorp dropped their target price on Spotify Technology from $860.00 to $830.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. Robert W. Baird increased 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. Finally, Evercore ISI raised their target price on Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a research note on Monday, June 16th. Ten equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, Spotify Technology currently has an average rating of "Moderate Buy" and a consensus price target of $718.90.

Spotify Technology Price Performance

Shares of SPOT traded up $2.86 on Tuesday, hitting $692.09. The company's stock had a trading volume of 715,569 shares, compared to its average volume of 2,333,520. The company has a 50 day moving average price of $702.92 and a 200 day moving average price of $633.09. Spotify Technology has a fifty-two week low of $319.07 and a fifty-two week high of $785.00. The company has a market capitalization of $141.68 billion, a PE ratio of 167.96, a PEG ratio of 3.06 and a beta of 1.69.

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