Handelsbanken Fonder AB Acquires 10,671 Shares of Spotify Technology S.A. (NYSE:SPOT)

Handelsbanken Fonder AB boosted its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 41.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,146 shares of the company’s stock after purchasing an additional 10,671 shares during the quarter. Handelsbanken Fonder AB’s holdings in Spotify Technology were worth $6,792,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Lindbrook Capital LLC increased its stake in shares of Spotify Technology by 32.3% in the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after buying an additional 50 shares during the period. Signaturefd LLC boosted its position in shares of Spotify Technology by 4.4% in the 4th quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock worth $230,000 after purchasing an additional 51 shares during the last quarter. Private Trust Co. NA lifted its holdings in Spotify Technology by 18.4% during the fourth quarter. Private Trust Co. NA now owns 367 shares of the company’s stock worth $69,000 after acquiring an additional 57 shares in the last quarter. Ieq Capital LLC lifted its holdings in Spotify Technology by 0.3% during the third quarter. Ieq Capital LLC now owns 24,540 shares of the company’s stock worth $3,795,000 after acquiring an additional 85 shares in the last quarter. Finally, Slow Capital Inc. lifted its holdings in Spotify Technology by 0.5% during the fourth quarter. Slow Capital Inc. now owns 18,487 shares of the company’s stock worth $3,474,000 after acquiring an additional 94 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

SPOT opened at $289.20 on Friday. The business’s 50-day simple moving average is $270.61 and its 200 day simple moving average is $217.74. The firm has a market capitalization of $57.36 billion, a PE ratio of -431.64 and a beta of 1.63. Spotify Technology S.A. has a 52-week low of $128.67 and a 52-week high of $319.30.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.42. The firm had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. During the same quarter in the prior year, the company earned ($1.24) earnings per share. On average, research analysts forecast that Spotify Technology S.A. will post 3.97 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on SPOT shares. Raymond James lifted their target price on Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. Wells Fargo & Company lifted their target price on Spotify Technology from $250.00 to $280.00 and gave the stock an “overweight” rating in a report on Wednesday, January 31st. Benchmark lifted their target price on Spotify Technology from $325.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. boosted their price target on Spotify Technology from $320.00 to $365.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, UBS Group upped their price objective on Spotify Technology from $274.00 to $375.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Eight investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $301.81.

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.