1,106 Shares in Spotify Technology S.A. (NYSE:SPOT) Acquired by Zions Bancorporation N.A.

Zions Bancorporation N.A. purchased a new stake in Spotify Technology S.A. (NYSE:SPOT) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 1,106 shares of the company’s stock, valued at approximately $347,000.

Other hedge funds have also recently bought and sold shares of the company. Private Advisor Group LLC increased its holdings in shares of Spotify Technology by 5.7% during the fourth quarter. Private Advisor Group LLC now owns 1,397 shares of the company’s stock worth $263,000 after buying an additional 75 shares in the last quarter. Principal Securities Inc. bought a new position in Spotify Technology in the 4th quarter valued at $71,000. Dimensional Fund Advisors LP raised its position in Spotify Technology by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 261,508 shares of the company’s stock valued at $49,142,000 after purchasing an additional 4,352 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Spotify Technology by 43.0% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 3,672 shares of the company’s stock worth $690,000 after purchasing an additional 1,104 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Spotify Technology by 212.6% in the fourth quarter. Principal Financial Group Inc. now owns 54,157 shares of the company’s stock valued at $10,177,000 after buying an additional 36,835 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $337.90 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a market cap of $67.26 billion, a price-to-earnings ratio of -504.32 and a beta of 1.57. The stock’s 50-day moving average is $327.16 and its 200-day moving average is $304.31. Spotify Technology S.A. has a one year low of $145.76 and a one year high of $359.38.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.08 by $0.25. The firm had revenue of $3.81 billion for 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%. The business’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.69) EPS. Equities analysts predict that Spotify Technology S.A. will post 6.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on SPOT shares. KeyCorp upped their price target on shares of Spotify Technology from $400.00 to $410.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. Wolfe Research started coverage on shares of Spotify Technology in a report on Friday, July 12th. They issued an “outperform” rating and a $390.00 price target for the company. Morgan Stanley increased their price objective on Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price for the company in a research report on Wednesday, July 24th. Finally, Guggenheim raised their price target on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $356.38.

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.