Zurcher Kantonalbank Zurich Cantonalbank Boosts Stock Position in Spotify Technology (NYSE:SPOT)

Key Points

• Zurcher Kantonalbank increased its stake in Spotify Technology by 6.8%, acquiring an additional 6,232 shares, bringing its total holdings to 98,396 shares worth $54.12 million.
• Spotify has received multiple upgrades from analysts, with Guggenheim setting a new price target of $840.00 and Wolfe Research upgrading the stock to "outperform."
• Despite a revenue increase of 15.2% year-over-year, Spotify posted an EPS of $1.13 for the last quarter, missing estimates by $1.16.

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 6.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 98,396 shares of the company's stock after purchasing an additional 6,232 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Spotify Technology were worth $54,121,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of SPOT. Cornerstone Planning Group LLC boosted its holdings in shares of Spotify Technology by 512.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after acquiring an additional 41 shares in the last quarter. Tsfg LLC acquired a new stake in shares of Spotify Technology during the 1st quarter valued at $28,000. North Star Investment Management Corp. boosted 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 acquiring an additional 19 shares in the last quarter. Mpwm Advisory Solutions LLC acquired a new stake in shares of Spotify Technology during the 4th quarter valued at $26,000. Finally, Copia Wealth Management acquired a new stake in shares of Spotify Technology during the 4th quarter valued at $29,000. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Stock Performance

SPOT traded down $20.36 during midday trading on Thursday, reaching $630.11. 2,172,948 shares of the company were exchanged, compared to its average volume of 2,330,410. The company's fifty day moving average price is $701.48 and its 200 day moving average price is $621.28. The company has a market cap of $128.99 billion, a price-to-earnings ratio of 152.90, a price-to-earnings-growth ratio of 1.67 and a beta of 1.68. Spotify Technology has a one year low of $300.57 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 4.76% and a return on equity of 14.62%. The business had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. During the same period in the previous year, the business posted $0.97 earnings per share. The business's revenue was up 15.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group raised their price objective on Spotify Technology from $680.00 to $775.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Barclays lowered their target price on Spotify Technology from $800.00 to $750.00 and set an "overweight" rating for the company in a research report on Wednesday. Rosenblatt Securities lowered their target price on Spotify Technology from $703.00 to $679.00 and set a "neutral" rating for the company in a research report on Wednesday. Bank of America raised their target price on Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. 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 report on Monday, June 16th. Nine equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, Spotify Technology has an average rating of "Moderate Buy" and an average target price of $718.90.

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.