Swedbank AB Buys 163,626 Shares of Spotify Technology S.A. (NYSE:SPOT)

Swedbank AB increased its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 20.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 946,129 shares of the company’s stock after purchasing an additional 163,626 shares during the period. Swedbank AB owned 0.48% of Spotify Technology worth $423,279,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Prestige Wealth Management Group LLC bought a new position in shares of Spotify Technology during the 3rd quarter valued at about $26,000. Hobbs Group Advisors LLC bought a new position in shares of Spotify Technology during the 3rd quarter valued at approximately $33,000. Larson Financial Group LLC grew its stake in shares of Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after buying an additional 33 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Spotify Technology in the 3rd quarter worth $40,000. Finally, Rakuten Securities Inc. increased its holdings in shares of Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after buying an additional 32 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Performance

Shares of SPOT traded up $4.23 during trading hours on Wednesday, hitting $535.03. The stock had a trading volume of 169,976 shares, compared to its average volume of 1,655,128. Spotify Technology S.A. has a fifty-two week low of $213.31 and a fifty-two week high of $536.99. The firm has a market capitalization of $106.50 billion, a price-to-earnings ratio of 145.69 and a beta of 1.62. The firm has a 50-day moving average price of $476.28 and a 200 day moving average price of $400.01.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the prior year, the business posted $0.36 earnings per share. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, analysts predict that Spotify Technology S.A. will post 5.91 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company raised their price objective on Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Pivotal Research increased their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. KeyCorp upped their price target on shares of Spotify Technology from $520.00 to $555.00 and gave the company an “overweight” rating in a report on Friday, January 10th. Deutsche Bank Aktiengesellschaft lifted their target price on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $446.21.

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.