M&T Bank Corp Raises Stake in Spotify Technology S.A. (NYSE:SPOT)

M&T Bank Corp grew its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 5.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,991 shares of the company's stock after purchasing an additional 1,395 shares during the quarter. M&T Bank Corp's holdings in Spotify Technology were worth $9,947,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. WCM Investment Management LLC grew its holdings in Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company's stock worth $1,430,142,000 after purchasing an additional 605,755 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of Spotify Technology by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company's stock valued at $1,286,969,000 after buying an additional 102,786 shares during the period. State Street Corp increased its position in Spotify Technology by 1.5% in the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company's stock valued at $736,073,000 after buying an additional 28,864 shares in the last quarter. FMR LLC raised its stake in Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company's stock worth $577,788,000 after buying an additional 297,035 shares during the period. Finally, Two Sigma Advisers LP raised its stake in Spotify Technology by 19.0% during the 3rd quarter. Two Sigma Advisers LP now owns 980,000 shares of the company's stock worth $361,159,000 after buying an additional 156,300 shares during the period. Institutional investors own 84.09% of the company's stock.

Spotify Technology Price Performance

Shares of NYSE SPOT traded up $3.22 during trading on Thursday, reaching $480.13. 1,606,965 shares of the stock traded hands, compared to its average volume of 2,065,866. The stock has a market capitalization of $95.57 billion, a P/E ratio of 131.64 and a beta of 1.61. Spotify Technology S.A. has a 52-week low of $185.37 and a 52-week high of $506.47. The company has a 50-day moving average of $422.27 and a 200-day moving average of $360.96.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its 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). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the prior year, the business earned $0.36 EPS. Spotify Technology's revenue for the quarter was up 18.8% compared to the same quarter last year. Analysts expect that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of research reports. Bank of America raised their price objective on Spotify Technology from $430.00 to $515.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Piper Sandler boosted their price target on shares of Spotify Technology from $330.00 to $450.00 and gave the company a "neutral" rating in a research note on Wednesday, November 13th. Canaccord Genuity Group raised their price objective on shares of Spotify Technology from $525.00 to $560.00 and gave the company a "buy" rating in a research note on Monday, December 2nd. Pivotal Research boosted their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group raised their price target on shares of Spotify Technology from $430.00 to $490.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $429.96.

Spotify Technology 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.