Synovus Financial Corp Purchases New Position in Spotify Technology $SPOT

Key Points

• Synovus Financial Corp has established a new stake in Spotify Technology, acquiring 695 shares valued at approximately $382,000 in the first quarter of the year.
• Despite the investment, Spotify's stock is currently down by 0.8%, trading at $687.79, with a market cap of $140.80 billion.
• Spotify reported a quarterly earnings loss of ($0.42) per share, significantly missing analyst estimates, although revenues increased by 10.1% year-over-year.

Synovus Financial Corp bought a new position in Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 695 shares of the company's stock, valued at approximately $382,000.

Several other large investors also recently modified their holdings of the business. Jennison Associates LLC grew its stake 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 worth $2,336,494,000 after purchasing an additional 1,262,614 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Spotify Technology by 3.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock valued at $1,939,949,000 after acquiring an additional 112,553 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Spotify Technology by 1,151.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock valued at $957,494,000 after acquiring an additional 1,601,653 shares in the last quarter. Northern Trust Corp boosted its position in Spotify Technology by 10.3% during the 1st quarter. Northern Trust Corp now owns 1,574,482 shares of the company's stock valued at $866,012,000 after acquiring an additional 147,580 shares in the last quarter. Finally, Forsta AP Fonden boosted its position in Spotify Technology by 12.6% during the 1st quarter. Forsta AP Fonden now owns 1,559,652 shares of the company's stock valued at $857,855,000 after acquiring an additional 174,700 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SPOT has been the topic of several research reports. DZ Bank raised Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price objective on the stock in a research report on Wednesday, July 30th. KeyCorp cut their price objective 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. Rosenblatt Securities cut their price objective on Spotify Technology from $703.00 to $679.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 30th. Sanford C. Bernstein lifted their price objective on Spotify Technology from $825.00 to $840.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Finally, Evercore ISI lifted their price objective on Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a research report on Monday, June 16th. Twenty equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $720.07.

Spotify Technology Price Performance

NYSE SPOT traded down $4.62 during mid-day trading on Friday, reaching $683.19. The stock had a trading volume of 1,004,079 shares, compared to its average volume of 1,712,580. The stock has a market cap of $139.85 billion, a PE ratio of 165.82, a price-to-earnings-growth ratio of 2.93 and a beta of 1.71. The company has a fifty day moving average price of $701.49 and a 200 day moving average price of $643.77. Spotify Technology has a 1 year low of $319.07 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). The company had revenue of $4.94 billion for the quarter, compared to analysts' expectations of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. Spotify Technology's quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.33 earnings per share. Spotify Technology has set its Q3 2025 guidance at EPS. As a group, equities research analysts expect that Spotify Technology will post 10.3 earnings per share 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.