Zions Bancorporation National Association UT Takes $351,000 Position in Spotify Technology (NYSE:SPOT)

Key Points

• Zions Bancorporation National Association invested $351,000 in Spotify Technology by acquiring 638 shares in the 1st quarter of the year.
• Major investors, including Goldman Sachs and Jennison Associates, increased their holdings in Spotify Technology, reflecting strong institutional interest with 84.09% of the stock owned by hedge funds and other investors.
• Spotify's latest earnings report showed a loss of ($0.42) per share, significantly missing analysts' estimates, while the company reported a revenue of $4.94 billion, surpassing expectations.

Zions Bancorporation National Association UT acquired a new stake in Spotify Technology (NYSE:SPOT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 638 shares of the company's stock, valued at approximately $351,000.

Several other institutional investors have also modified their holdings of the stock. Mpwm Advisory Solutions LLC purchased a new stake in Spotify Technology during the fourth quarter worth about $26,000. Tsfg LLC acquired a new position in Spotify Technology in the first quarter valued at approximately $28,000. Copia Wealth Management acquired a new position in Spotify Technology in the fourth quarter valued at approximately $29,000. Cornerstone Planning Group LLC boosted its holdings in Spotify Technology by 512.5% in the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after purchasing an additional 41 shares in the last quarter. Finally, North Star Investment Management Corp. boosted its holdings in shares of Spotify Technology by 52.8% in the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after acquiring an additional 19 shares during the period. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on SPOT shares. UBS Group cut their price objective on Spotify Technology from $895.00 to $850.00 and set a "buy" rating for the company in a research report on Wednesday, July 30th. Guggenheim raised their price target on Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Sanford C. Bernstein raised their price target on Spotify Technology from $825.00 to $840.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Wells Fargo & Company raised their price objective on Spotify Technology from $740.00 to $750.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Finally, JPMorgan Chase & Co. raised their price objective on Spotify Technology from $730.00 to $780.00 and gave the stock an "overweight" rating in a report on Friday, July 11th. Ten investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Price Performance

Shares of NYSE SPOT traded up $37.65 during trading hours on Friday, hitting $736.15. 1,629,616 shares of the company's stock were exchanged, compared to its average volume of 2,319,270. Spotify Technology has a 1-year low of $319.07 and a 1-year high of $785.00. The stock has a market capitalization of $150.70 billion, a price-to-earnings ratio of 178.53, a PEG ratio of 3.01 and a beta of 1.69. The company's 50-day moving average price is $702.88 and its 200-day moving average price is $635.18.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). The business had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.29 billion. Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The firm's revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the company earned $1.33 earnings per share. On average, research analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

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.