Massachusetts Financial Services Co. MA Boosts Stake in Spotify Technology S.A. (NYSE:SPOT)

Massachusetts Financial Services Co. MA lifted its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 3.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,492,170 shares of the company's stock after purchasing an additional 102,786 shares during the quarter. Massachusetts Financial Services Co. MA owned 1.75% of Spotify Technology worth $1,286,969,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Transcendent Capital Group LLC bought a new stake in Spotify Technology during the second quarter worth $25,000. Benjamin Edwards Inc. grew its holdings in Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company's stock worth $27,000 after buying an additional 58 shares in the last quarter. Mather Group LLC. grew its holdings in Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company's stock worth $31,000 after buying an additional 99 shares in the last quarter. Asset Dedication LLC bought a new stake in Spotify Technology during the second quarter worth $35,000. Finally, Ashton Thomas Private Wealth LLC bought a new stake in Spotify Technology during the second quarter worth $39,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Shares of SPOT traded up $2.49 on Thursday, reaching $472.50. The stock had a trading volume of 1,819,838 shares, compared to its average volume of 1,947,443. The firm has a market capitalization of $94.05 billion, a price-to-earnings ratio of 127.78 and a beta of 1.56. The company has a 50-day simple moving average of $386.17 and a 200-day simple moving average of $341.83. Spotify Technology S.A. has a 12-month low of $178.73 and a 12-month high of $489.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported $1.45 EPS 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 analysts' expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company's revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.36 EPS. On average, analysts expect that Spotify Technology S.A. will post 6.02 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SPOT. Morgan Stanley upped their price objective on Spotify Technology from $430.00 to $460.00 and gave the company an "overweight" rating in a research note on Wednesday, November 13th. Benchmark upped their price objective on Spotify Technology from $430.00 to $440.00 and gave the company a "buy" rating in a research note on Monday, November 11th. Guggenheim upped their price objective on Spotify Technology from $400.00 to $420.00 and gave the company a "buy" rating in a research note on Wednesday, July 24th. KeyCorp upped their price objective on Spotify Technology from $490.00 to $520.00 and gave the company an "overweight" rating in a research note on Wednesday, November 13th. Finally, Phillip Securities reiterated an "accumulate" rating and set a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average 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.