Handelsbanken Fonder AB Acquires 3,344 Shares of Spotify Technology S.A. (NYSE:SPOT)

Handelsbanken Fonder AB increased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 4.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 85,913 shares of the company’s stock after purchasing an additional 3,344 shares during the period. Handelsbanken Fonder AB’s holdings in Spotify Technology were worth $31,662,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Larson Financial Group LLC boosted its position in Spotify Technology by 86.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after acquiring an additional 43 shares in the last quarter. Transcendent Capital Group LLC purchased a new stake in shares of Spotify Technology during the 2nd quarter worth $25,000. Benjamin Edwards Inc. boosted its position in Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Mather Group LLC. grew its stake in Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after purchasing an additional 99 shares during the last quarter. Finally, FinTrust Capital Advisors LLC raised its holdings in Spotify Technology by 400.0% in the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Shares of SPOT stock traded down $1.15 on Friday, hitting $371.45. The company had a trading volume of 1,095,140 shares, compared to its average volume of 1,502,556. Spotify Technology S.A. has a twelve month low of $145.76 and a twelve month high of $389.23. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The firm has a market cap of $73.94 billion, a P/E ratio of -554.39 and a beta of 1.58. The company has a 50-day moving average price of $344.49 and a 200-day moving average price of $315.49.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same period last year, the business earned ($1.69) earnings per share. Spotify Technology’s quarterly revenue was up 19.8% on a year-over-year basis. As a group, equities research analysts predict that Spotify Technology S.A. will post 6.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on SPOT shares. Pivotal Research raised their price target on shares of Spotify Technology from $460.00 to $510.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Redburn Atlantic restated a “sell” rating and issued a $230.00 target price on shares of Spotify Technology in a research note on Wednesday, July 10th. Bank of America upped their price target on Spotify Technology from $370.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. Wolfe Research initiated coverage on Spotify Technology in a research report on Friday, July 12th. They issued an “outperform” rating and a $390.00 price objective for the company. Finally, KeyCorp boosted their target price on Spotify Technology from $420.00 to $440.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $359.14.

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.