State Street Corp Buys 28,864 Shares of Spotify Technology S.A. (NYSE:SPOT)

State Street Corp boosted its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 1.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,997,323 shares of the company's stock after purchasing an additional 28,864 shares during the period. State Street Corp owned about 1.00% of Spotify Technology worth $736,073,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Transcendent Capital Group LLC bought a new stake in shares of Spotify Technology during the 2nd quarter valued at $25,000. Benjamin Edwards Inc. increased its stake in Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company's stock worth $27,000 after acquiring an additional 58 shares during the last quarter. Mather Group LLC. increased its stake in Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company's stock worth $31,000 after acquiring an additional 99 shares during the last quarter. Asset Dedication LLC bought a new position in Spotify Technology in the 2nd quarter worth about $35,000. Finally, Larson Financial Group LLC increased its stake in Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company's stock worth $36,000 after acquiring an additional 33 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Trading Down 3.2 %

NYSE SPOT traded down $16.11 on Monday, hitting $482.52. 2,901,206 shares of the company traded hands, compared to its average volume of 2,065,260. The business's 50 day moving average price is $416.02 and its 200-day moving average price is $357.72. The company has a market capitalization of $96.05 billion, a price-to-earnings ratio of 135.50 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.

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

Wall Street Analyst Weigh In

SPOT has been the topic of a number of research analyst reports. 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. JPMorgan Chase & Co. upped their price objective on Spotify Technology from $425.00 to $530.00 and gave the stock an "overweight" rating in a report on Wednesday, November 13th. Barclays upped their price objective on Spotify Technology from $385.00 to $475.00 and gave the stock an "overweight" rating in a report on Wednesday, November 13th. Macquarie upped their price objective on Spotify Technology from $395.00 to $500.00 and gave the stock an "outperform" rating in a report on Wednesday, November 13th. Finally, KeyCorp upped their price objective on Spotify Technology from $490.00 to $520.00 and gave the stock an "overweight" rating in a report on Wednesday, November 13th. One 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. According to MarketBeat, the stock currently 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.