Swiss National Bank Sells 27,100 Shares of Spotify Technology $SPOT

Key Points

• Swiss National Bank trimmed its Spotify stake by 5.6%, selling 27,100 shares in Q3 and now holds 457,000 shares (about 0.22% of the company) valued at roughly $318.99 million.
• Analysts are largely positive on SPOT, with several upgrades (including Goldman Sachs and UBS) and a MarketBeat consensus rating of "Moderate Buy" and a consensus target of $698.91.
• Spotify posted a strong beat on results, reporting EPS $5.16 versus $3.16 expected and revenue of $5.32 billion (vs. $5.14B), with a net margin of 13.16% and ROE of 31.35%.

Swiss National Bank trimmed its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 5.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 457,000 shares of the company's stock after selling 27,100 shares during the quarter. Swiss National Bank owned approximately 0.22% of Spotify Technology worth $318,986,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of SPOT. Knuff & Co LLC bought a new stake in Spotify Technology during the 2nd quarter valued at $27,000. Heartwood Wealth Advisors LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter worth $27,000. Greykasell Wealth Strategies Inc. boosted its position in Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company's stock valued at $27,000 after purchasing an additional 38 shares in the last quarter. Total Investment Management Inc. purchased a new position in Spotify Technology in the second quarter valued at about $29,000. Finally, Westfuller Advisors LLC bought a new position in Spotify Technology in the third quarter worth about $29,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of recent analyst reports. The Goldman Sachs Group upgraded shares of Spotify Technology from a "neutral" rating to a "buy" rating and lowered their price target for the company from $735.00 to $700.00 in a report on Friday, January 23rd. Phillip Securities raised shares of Spotify Technology from a "hold" rating to a "moderate buy" rating in a research report on Monday, November 10th. UBS Group lowered their target price on shares of Spotify Technology from $850.00 to $800.00 and set a "buy" rating for the company in a research note on Friday, January 9th. Arete Research raised shares of Spotify Technology from a "neutral" rating to a "buy" rating and set a $586.00 price target on the stock in a report on Thursday, February 26th. Finally, Erste Group Bank downgraded Spotify Technology from a "buy" rating to a "hold" rating in a research report on Friday, December 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $698.91.

Spotify Technology Stock Up 2.6%

SPOT opened at $566.73 on Monday. The company has a market cap of $116.68 billion, a P/E ratio of 58.79, a price-to-earnings-growth ratio of 1.23 and a beta of 1.66. The firm's 50-day moving average price is $507.95 and its 200-day moving average price is $600.68. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, topping analysts' consensus estimates of $3.16 by $2.00. The company had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. Spotify Technology's revenue for the quarter was up 6.8% on a year-over-year basis. During the same period last year, the business earned $1.88 EPS. On average, research analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Spotify Technology Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.

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