First Citizens Bank & Trust Co. Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

First Citizens Bank & Trust Co. acquired a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,078 shares of the company’s stock, valued at approximately $397,000.

Several other large investors have also recently bought and sold shares of SPOT. Virtu Financial LLC acquired a new position in Spotify Technology during the 4th quarter worth $221,000. Vanguard Group Inc. lifted its holdings in Spotify Technology by 6.3% during the 4th quarter. Vanguard Group Inc. now owns 588,847 shares of the company’s stock worth $110,650,000 after buying an additional 34,781 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Spotify Technology by 96.5% during the 1st quarter. GAMMA Investing LLC now owns 334 shares of the company’s stock worth $88,000 after buying an additional 164 shares in the last quarter. Wedmont Private Capital acquired a new position in Spotify Technology during the 1st quarter worth $197,000. Finally, Park Avenue Securities LLC lifted its stake in shares of Spotify Technology by 16.5% in the 1st quarter. Park Avenue Securities LLC now owns 1,943 shares of the company’s stock valued at $513,000 after purchasing an additional 275 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of analyst reports. Guggenheim increased their price target on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Macquarie increased their price target on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Bank of America increased their price target on Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday, July 2nd. Pivotal Research increased their price target on Spotify Technology from $460.00 to $510.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, KeyCorp increased their price target on Spotify Technology from $440.00 to $490.00 and gave the company an “overweight” rating in a research note on Wednesday, October 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 stock presently has a consensus rating of “Moderate Buy” and an average price target of $362.21.

Spotify Technology Price Performance

SPOT stock opened at $378.88 on Monday. The stock has a 50-day moving average price of $352.57 and a two-hundred day moving average price of $323.30. The stock has a market cap of $72.06 billion, a PE ratio of -565.49 and a beta of 1.58. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology S.A. has a 1 year low of $145.76 and a 1 year high of $389.23.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data 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. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. Spotify Technology’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same quarter last year, the company earned ($1.69) EPS. Equities analysts forecast that Spotify Technology S.A. will post 6.24 EPS for the current fiscal year.

About Spotify Technology

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.