Handelsbanken Fonder AB Grows Position in Spotify Technology S.A. (NYSE:SPOT)

Handelsbanken Fonder AB increased its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 41.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,146 shares of the company’s stock after buying an additional 10,671 shares during the period. Handelsbanken Fonder AB’s holdings in Spotify Technology were worth $6,792,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in SPOT. Impact Partnership Wealth LLC purchased a new stake in shares of Spotify Technology during the third quarter worth approximately $43,000. Exchange Traded Concepts LLC increased its stake in Spotify Technology by 122.0% in the third quarter. Exchange Traded Concepts LLC now owns 7,795 shares of the company’s stock valued at $1,205,000 after purchasing an additional 4,283 shares during the last quarter. Asset Management One Co. Ltd. increased its stake in Spotify Technology by 87.7% in the third quarter. Asset Management One Co. Ltd. now owns 49,807 shares of the company’s stock valued at $7,702,000 after purchasing an additional 23,272 shares during the last quarter. Slow Capital Inc. increased its stake in Spotify Technology by 1.8% in the third quarter. Slow Capital Inc. now owns 18,393 shares of the company’s stock valued at $2,844,000 after purchasing an additional 333 shares during the last quarter. Finally, Harbor Capital Advisors Inc. increased its stake in Spotify Technology by 6.6% in the third quarter. Harbor Capital Advisors Inc. now owns 2,315 shares of the company’s stock valued at $358,000 after purchasing an additional 143 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SPOT has been the topic of several recent analyst reports. Benchmark increased their price target on shares of Spotify Technology from $325.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday. Raymond James increased their price target on shares of Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a research note on Monday, April 15th. HSBC raised their target price on shares of Spotify Technology from $310.00 to $355.00 and gave the stock a “buy” rating in a research report on Wednesday. Piper Sandler restated a “neutral” rating and set a $320.00 target price (up from $300.00) on shares of Spotify Technology in a research report on Wednesday. Finally, Guggenheim raised their target price on shares of Spotify Technology from $290.00 to $350.00 and gave the stock a “buy” rating in a research report on Wednesday. Eight analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $301.81.

Spotify Technology Stock Up 2.8 %

Shares of SPOT stock opened at $289.20 on Friday. Spotify Technology S.A. has a fifty-two week low of $128.67 and a fifty-two week high of $319.30. The stock has a market cap of $57.36 billion, a P/E ratio of -431.64 and a beta of 1.63. The business has a fifty day simple moving average of $270.61 and a 200-day simple moving average of $217.74.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The business had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter last year, the business posted ($1.24) earnings per share. On average, sell-side analysts anticipate that Spotify Technology S.A. will post 3.97 earnings per share for the current 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.