First Citizens Bank & Trust Co. Has $465,000 Holdings in Spotify Technology S.A. (NYSE:SPOT)

First Citizens Bank & Trust Co. reduced its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 3.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,039 shares of the company’s stock after selling 39 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Spotify Technology were worth $465,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Aigen Investment Management LP raised its stake in shares of Spotify Technology by 42.4% in the 3rd 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 in the last quarter. Pathway Capital Management LP raised its stake in shares of Spotify Technology by 23.8% in the 3rd 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 in the last quarter. Perpetual Ltd raised its stake in shares of Spotify Technology by 24.3% in the 3rd 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 in the last quarter. Covenant Asset Management LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at $3,364,000. Finally, Kestra Investment Management LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at $780,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $513.54 on Tuesday. The company has a market capitalization of $102.22 billion, a price-to-earnings ratio of 139.55 and a beta of 1.62. The firm’s 50 day simple moving average is $473.74 and its 200 day simple moving average is $396.89. Spotify Technology S.A. has a fifty-two week low of $213.31 and a fifty-two week high of $516.58.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on SPOT shares. Barclays upped their target price on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Bank of America upped their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Macquarie upped their target price on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Rosenblatt Securities upped their target price on shares of Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Finally, Phillip Securities reaffirmed an “accumulate” rating and issued a $485.00 target price (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $441.21.

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.