Franklin Resources Inc. Raises Holdings in Spotify Technology S.A. (NYSE:SPOT)

Franklin Resources Inc. increased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 2.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 641,720 shares of the company's stock after buying an additional 16,511 shares during the period. Franklin Resources Inc. owned about 0.32% of Spotify Technology worth $239,041,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Aigen Investment Management LP increased its stake in Spotify Technology by 42.4% during the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company's stock valued at $3,612,000 after purchasing an additional 2,918 shares in the last quarter. Pathway Capital Management LP raised its stake in 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 acquiring an additional 11,042 shares during the period. Perpetual Ltd raised its stake in 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 acquiring an additional 148,431 shares during the period. Covenant Asset Management LLC bought a new stake in shares of Spotify Technology during the third quarter valued at about $3,364,000. Finally, Jag Capital Management LLC bought a new stake in shares of Spotify Technology during the third quarter valued at about $13,569,000. Institutional investors own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SPOT shares. Deutsche Bank Aktiengesellschaft upped their price target on Spotify Technology from $430.00 to $440.00 and gave the company a "buy" rating in a research report on Wednesday, November 6th. Wells Fargo & Company upped their price objective on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 13th. Morgan Stanley upped their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 13th. Pivotal Research upped their price objective 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, Benchmark upped their target price on Spotify Technology from $430.00 to $440.00 and gave the stock a "buy" rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $429.96.

Spotify Technology Stock Up 0.7 %

NYSE:SPOT traded up $3.20 on Friday, hitting $483.31. The stock had a trading volume of 1,432,067 shares, compared to its average volume of 3,451,447. The stock has a market cap of $96.20 billion, a price-to-earnings ratio of 131.33 and a beta of 1.61. The business's 50-day simple moving average is $426.66 and its two-hundred day simple moving average is $363.38. Spotify Technology S.A. has a 52-week low of $185.37 and a 52-week high of $506.47.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data 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 net margin of 4.66% and a return on equity of 19.07%. The company had revenue of $3.99 billion for the quarter, compared to analysts' expectations of $4.03 billion. During the same period in the previous year, the firm earned $0.36 earnings per share. The firm's quarterly revenue was up 18.8% on a year-over-year basis. As a group, equities research analysts anticipate that Spotify Technology S.A. will post 6.02 EPS for the current year.

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.