KBC Group NV Takes $32.28 Million Position in Spotify Technology S.A. (NYSE:SPOT)

KBC Group NV bought a new stake in Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 72,160 shares of the company’s stock, valued at approximately $32,283,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Prestige Wealth Management Group LLC purchased a new position in shares of Spotify Technology in the 3rd quarter valued at approximately $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology during the third quarter worth $33,000. Larson Financial Group LLC grew its position in Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in Spotify Technology in the 3rd quarter valued at $40,000. Finally, Rakuten Securities Inc. raised its position 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 buying an additional 32 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $513.54 on Tuesday. The company has a 50-day simple moving average of $473.74 and a 200-day simple moving average of $396.89. The company has a market cap of $102.22 billion, a PE ratio of 139.55 and a beta of 1.62. Spotify Technology S.A. has a 12 month low of $213.31 and a 12 month high of $516.58.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results 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). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter last year, the firm posted $0.36 earnings per share. The company’s revenue was up 18.8% on a year-over-year basis. On average, analysts anticipate that Spotify Technology S.A. will post 5.91 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SPOT shares. Macquarie boosted their price target on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Piper Sandler boosted their target price on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Rosenblatt Securities raised their price target on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Finally, The Goldman Sachs Group raised their target price on Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $441.21.

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.