Spotify Technology $SPOT Shares Sold by Swiss National Bank

Swiss National Bank decreased its position in Spotify Technology (NYSE:SPOT) by 5.6% in the third quarter, HoldingsChannel.com reports. The fund owned 457,000 shares of the company’s stock after selling 27,100 shares during the period. Swiss National Bank’s holdings in Spotify Technology were worth $318,986,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Knuff & Co LLC purchased a new stake in Spotify Technology during the 2nd quarter valued at about $27,000. Total Investment Management Inc. purchased a new position in shares of Spotify Technology in the second quarter worth about $29,000. Heartwood Wealth Advisors LLC acquired a new stake in shares of Spotify Technology during the third quarter worth about $27,000. Greykasell Wealth Strategies Inc. boosted its position in Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after buying an additional 38 shares during the last quarter. Finally, Westfuller Advisors LLC acquired a new position in Spotify Technology in the 3rd quarter worth approximately $29,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on SPOT. Weiss Ratings downgraded shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, February 26th. UBS Group lowered their price target on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a report on Friday, January 9th. Erste Group Bank lowered Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. Citigroup raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective for the company in a report on Friday, January 30th. Finally, Arete Research upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 target price on the stock in a research note on Thursday, February 26th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $698.91.

Spotify Technology Stock Performance

SPOT opened at $566.73 on Monday. The company has a fifty day moving average of $507.95 and a two-hundred day moving average of $600.68. The stock has a market capitalization of $116.68 billion, a price-to-earnings ratio of 58.79, a PEG ratio of 1.23 and a beta of 1.66. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The firm had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the firm earned $1.88 EPS. The company’s quarterly revenue was up 6.8% on a year-over-year basis. On average, equities research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Spotify Technology Company 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.