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

KBC Group NV bought a new position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 72,160 shares of the company's stock, valued at approximately $32,283,000.

Several other large investors have also recently added to or reduced their stakes in the business. Prestige Wealth Management Group LLC acquired a new position in Spotify Technology during the 3rd quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new position in Spotify Technology during the 3rd quarter worth approximately $33,000. Larson Financial Group LLC grew its holdings in 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 acquiring an additional 33 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in Spotify Technology during the 3rd quarter worth approximately $40,000. Finally, Rakuten Securities Inc. grew its holdings in Spotify Technology by 40.5% during the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company's stock worth $41,000 after acquiring an additional 32 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the stock. KeyCorp boosted their price target on shares of Spotify Technology from $520.00 to $555.00 and gave the stock an "overweight" rating in a report on Friday, January 10th. TD Cowen upped their target price on shares of Spotify Technology from $356.00 to $416.00 and gave the company a "hold" rating in a report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. Benchmark restated a "buy" rating and issued a $520.00 target price on shares of Spotify Technology in a report on Thursday, January 16th. Finally, Barclays upped their target price on shares of Spotify Technology from $385.00 to $475.00 and gave the company an "overweight" rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $446.21.

Spotify Technology Price Performance

SPOT traded up $17.66 during midday trading on Tuesday, reaching $531.64. 2,241,567 shares of the company's stock were exchanged, compared to its average volume of 1,747,588. The stock has a market capitalization of $105.82 billion, a PE ratio of 144.47 and a beta of 1.62. The business's 50-day moving average price is $474.92 and its 200 day moving average price is $398.39. Spotify Technology S.A. has a 1-year low of $213.31 and a 1-year high of $537.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion for 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 was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.36 EPS. As a group, analysts expect that Spotify Technology S.A. will post 5.91 EPS 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.