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

PNC Financial Services Group Inc. lifted its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 12.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,763 shares of the company’s stock after acquiring 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.

A number of other institutional investors have also modified their holdings of SPOT. Caprock Group LLC increased its holdings in Spotify Technology by 4.4% during the third quarter. Caprock Group LLC now owns 4,696 shares of the company’s stock valued at $1,731,000 after buying an additional 199 shares during the period. Pathstone Holdings LLC increased its holdings in Spotify Technology by 16.9% during the third quarter. Pathstone Holdings LLC now owns 24,258 shares of the company’s stock valued at $8,940,000 after buying an additional 3,515 shares during the period. Aviance Capital Partners LLC purchased a new position in Spotify Technology during the third quarter valued at approximately $2,580,000. Napa Wealth Management purchased a new position in Spotify Technology during the third quarter valued at approximately $1,252,000. Finally, LMR Partners LLP increased its holdings in Spotify Technology by 462.1% during the third quarter. LMR Partners LLP now owns 48,089 shares of the company’s stock valued at $17,722,000 after buying an additional 39,533 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $475.04 on Monday. The company’s fifty day moving average price is $391.61 and its 200 day moving average price is $344.59. Spotify Technology S.A. has a 12 month low of $178.73 and a 12 month high of $489.69. The firm has a market capitalization of $94.56 billion, a P/E ratio of 129.09 and a beta of 1.56.

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

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Evercore ISI lifted their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. TD Cowen lifted their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Morgan Stanley lifted their price target on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group lifted their price objective on shares of Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $421.69.

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.