1,384,952 Shares in Spotify Technology S.A. (NYSE:SPOT) Acquired by Forsta AP Fonden

Forsta AP Fonden bought a new stake in Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, Holdings Channel.com reports. The fund bought 1,384,952 shares of the company’s stock, valued at approximately $619,600,000. Spotify Technology accounts for approximately 4.4% of Forsta AP Fonden’s holdings, making the stock its 4th largest position.

Other 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 purchased a new stake in Spotify Technology in the third quarter worth approximately $33,000. Larson Financial Group LLC grew its position in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after acquiring an additional 33 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Spotify Technology during the third quarter worth approximately $40,000. Finally, Rakuten Securities Inc. raised its stake in shares of Spotify Technology by 40.5% during the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after acquiring an additional 32 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SPOT shares. Bank of America increased their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. TD Cowen lifted their price objective on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. UBS Group boosted their target price on Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Morgan Stanley raised their price target on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, Rosenblatt Securities boosted their price objective on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $446.21.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $531.64 on Wednesday. The business has a 50-day simple moving average of $476.28 and a two-hundred day simple moving average of $400.01. The firm has a market cap of $105.82 billion, a price-to-earnings ratio of 144.47 and a beta of 1.62. Spotify Technology S.A. has a fifty-two week low of $213.31 and a fifty-two week high of $537.00.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the firm earned $0.36 earnings per share. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, research analysts predict that Spotify Technology S.A. will post 5.91 earnings per share for the current year.

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.