First Citizens Bank & Trust Co. Has $465,000 Stock Position in Spotify Technology S.A. (NYSE:SPOT)

First Citizens Bank & Trust Co. reduced its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 3.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,039 shares of the company’s stock after selling 39 shares during the period. First Citizens Bank & Trust Co.’s holdings in Spotify Technology were worth $465,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. First Horizon Advisors Inc. raised its holdings in shares of Spotify Technology by 5.8% in the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock valued at $176,000 after purchasing an additional 26 shares during the last quarter. West Bancorporation Inc. raised its holdings in shares of Spotify Technology by 3.4% in the third quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock valued at $305,000 after purchasing an additional 27 shares during the last quarter. Avior Wealth Management LLC raised its holdings in shares of Spotify Technology by 12.0% in the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after purchasing an additional 30 shares during the last quarter. Park National Corp OH raised its holdings in shares of Spotify Technology by 4.1% in the fourth quarter. Park National Corp OH now owns 793 shares of the company’s stock valued at $355,000 after purchasing an additional 31 shares during the last quarter. Finally, Washington Trust Advisors Inc. raised its holdings in shares of Spotify Technology by 12.0% in the third quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after purchasing an additional 32 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on SPOT shares. The Goldman Sachs Group lifted their price objective on shares of Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 target price on shares of Spotify Technology in a research note on Monday, October 7th. Canaccord Genuity Group raised their target price on shares of Spotify Technology from $525.00 to $560.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Benchmark reissued a “buy” rating and issued a $520.00 target price on shares of Spotify Technology in a research note on Thursday, January 16th. Finally, JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $441.21.

Spotify Technology Stock Performance

SPOT opened at $513.54 on Tuesday. Spotify Technology S.A. has a fifty-two week low of $213.31 and a fifty-two week high of $516.58. The company has a market capitalization of $102.22 billion, a P/E ratio of 139.55 and a beta of 1.62. The stock has a fifty day moving average of $473.74 and a 200-day moving average of $396.89.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period last year, the firm earned $0.36 EPS. On average, equities research analysts predict that Spotify Technology S.A. will post 5.91 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.