Raiffeisen Bank International AG Invests $11.39 Million in Spotify Technology S.A. (NYSE:SPOT)

Raiffeisen Bank International AG bought a new position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 25,200 shares of the company's stock, valued at approximately $11,385,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Hillsdale Investment Management Inc. purchased a new position in shares of Spotify Technology during the fourth quarter worth about $27,000. Quent Capital LLC grew its holdings in shares of Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company's stock worth $44,000 after buying an additional 57 shares during the last quarter. Noble Wealth Management PBC purchased a new position in shares of Spotify Technology during the fourth quarter worth about $52,000. Colonial Trust Co SC grew its holdings in shares of Spotify Technology by 1,009.1% during the fourth quarter. Colonial Trust Co SC now owns 122 shares of the company's stock worth $55,000 after buying an additional 111 shares during the last quarter. Finally, Larson Financial Group LLC grew its holdings in shares of Spotify Technology by 48.5% during the fourth quarter. Larson Financial Group LLC now owns 144 shares of the company's stock worth $64,000 after buying an additional 47 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Analysts Set New Price Targets

SPOT has been the topic of a number of research reports. Redburn Atlantic initiated coverage on Spotify Technology in a report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price target on the stock. Evercore ISI lowered their price target on Spotify Technology from $700.00 to $650.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Canaccord Genuity Group raised their price target on Spotify Technology from $650.00 to $700.00 and gave the stock a "buy" rating in a report on Wednesday, February 5th. Phillip Securities raised Spotify Technology to a "moderate sell" rating in a report on Monday, May 5th. Finally, Rosenblatt Securities lowered their price objective on Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to data from MarketBeat.com, Spotify Technology presently has an average rating of "Moderate Buy" and a consensus price target of $606.48.

Spotify Technology Stock Up 1.1%

NYSE SPOT opened at $640.43 on Friday. Spotify Technology S.A. has a fifty-two week low of $288.07 and a fifty-two week high of $663.55. The stock has a market cap of $131.10 billion, a price-to-earnings ratio of 107.64 and a beta of 1.72. The business has a fifty day moving average of $582.66 and a 200-day moving average of $530.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same period last year, the firm earned $0.97 earnings per share. The business's revenue was up 15.2% compared to the same quarter last year. As a group, analysts anticipate that Spotify Technology S.A. will post 10.3 EPS 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.

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