PNC Financial Services Group Inc. Increases Stock Position in Spotify Technology S.A. (NYSE:SPOT)

PNC Financial Services Group Inc. raised its holdings in Spotify Technology S.A. (NYSE:SPOT) by 12.4% during the 3rd quarter, Holdings Channel reports. The firm owned 11,763 shares of the company’s stock after purchasing an additional 1,299 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Spotify Technology were worth $4,335,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Aigen Investment Management LP raised its position in shares of Spotify Technology by 42.4% in the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after buying an additional 2,918 shares during the last quarter. Pathway Capital Management LP raised its position in shares of Spotify Technology by 23.8% in the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after buying an additional 11,042 shares during the last quarter. Perpetual Ltd raised its position in shares of Spotify Technology by 24.3% in the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after buying an additional 148,431 shares during the last quarter. Jag Capital Management LLC acquired a new position in shares of Spotify Technology in the third quarter valued at approximately $13,569,000. Finally, Northeast Investment Management raised its position in shares of Spotify Technology by 67.6% in the third quarter. Northeast Investment Management now owns 12,991 shares of the company’s stock valued at $4,788,000 after buying an additional 5,240 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

SPOT has been the subject of several research analyst reports. Bank of America upped their price target on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Benchmark upped their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Evercore ISI upped their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Morgan Stanley upped their price target on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, Pivotal Research upped their price target on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $421.69.

Spotify Technology Stock Performance

Shares of SPOT opened at $475.04 on Monday. The firm has a market cap of $94.56 billion, a PE ratio of 129.09 and a beta of 1.56. The firm’s 50 day moving average price is $391.61 and its 200 day moving average price is $344.59. Spotify Technology S.A. has a twelve month low of $178.73 and a twelve month high of $489.69.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.30). The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. Spotify Technology’s revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.36 EPS. On average, sell-side analysts anticipate that Spotify Technology S.A. will post 6.02 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.