Zurich Insurance Group Ltd FI Makes New $34.63 Million Investment in Spotify Technology S.A. (NYSE:SPOT)

Zurich Insurance Group Ltd FI acquired a new position in Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 77,402 shares of the company’s stock, valued at approximately $34,628,000.

A number of other hedge funds have also recently made changes to their positions in the business. Auxano Advisors LLC lifted its holdings in shares of Spotify Technology by 2.5% in the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock worth $370,000 after acquiring an additional 20 shares during the last quarter. SRS Capital Advisors Inc. lifted its holdings in shares of Spotify Technology by 4.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock worth $256,000 after acquiring an additional 25 shares during the last quarter. Covenant Partners LLC lifted its holdings in shares of Spotify Technology by 2.5% in the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company’s stock worth $458,000 after acquiring an additional 25 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of Spotify Technology by 5.4% in the 4th quarter. First Horizon Advisors Inc. now owns 504 shares of the company’s stock worth $225,000 after acquiring an additional 26 shares during the last quarter. Finally, Harbour Investments Inc. lifted its holdings in shares of Spotify Technology by 13.3% in the 4th quarter. Harbour Investments Inc. now owns 222 shares of the company’s stock worth $99,000 after acquiring an additional 26 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on SPOT shares. Barclays lowered their price objective on shares of Spotify Technology from $710.00 to $650.00 and set an “overweight” rating for the company in a report on Wednesday, April 30th. The Goldman Sachs Group upped their price target on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Redburn Atlantic began coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price target for the company. UBS Group lowered their price target on shares of Spotify Technology from $690.00 to $680.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Finally, Cantor Fitzgerald lowered their price target on shares of Spotify Technology from $600.00 to $520.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $606.48.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $664.55 on Tuesday. Spotify Technology S.A. has a one year low of $288.07 and a one year high of $669.00. The company’s 50-day moving average is $588.18 and its 200 day moving average is $536.48. The company has a market capitalization of $136.04 billion, a price-to-earnings ratio of 111.69 and a beta of 1.72.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The firm had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.22 billion. During the same period last year, the company posted $0.97 earnings per share. The business’s revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, research analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal 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.