KBC Group NV Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

KBC Group NV acquired a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 72,160 shares of the company’s stock, valued at approximately $32,283,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Prestige Wealth Management Group LLC acquired a new position in Spotify Technology in the third quarter valued at $26,000. Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at about $33,000. Larson Financial Group LLC grew its holdings in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the period. V Square Quantitative Management LLC acquired a new stake in Spotify Technology during the 3rd quarter worth approximately $40,000. Finally, Rakuten Securities Inc. raised its holdings in Spotify Technology by 40.5% in the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after buying an additional 32 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SPOT. JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Rosenblatt Securities increased their price target on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Piper Sandler boosted their price objective on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Phillip Securities reiterated an “accumulate” rating and issued a $485.00 target price (up previously from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Finally, Macquarie boosted their price target on Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $441.21.

Spotify Technology Stock Up 0.6 %

NYSE:SPOT opened at $513.54 on Tuesday. Spotify Technology S.A. has a 52 week low of $213.31 and a 52 week high of $516.58. The company has a market cap of $102.22 billion, a PE ratio of 139.55 and a beta of 1.62. The business’s 50 day moving average is $473.74 and its two-hundred day moving average is $396.89.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.36 EPS. As a group, sell-side analysts expect that Spotify Technology S.A. will post 5.91 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.