Fmr LLC Acquires 297,035 Shares of Spotify Technology S.A. (NYSE:SPOT)

Fmr LLC increased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 23.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,567,818 shares of the company’s stock after buying an additional 297,035 shares during the period. Fmr LLC’s holdings in Spotify Technology were worth $577,788,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SPOT. Vanguard Group Inc. lifted its stake in shares of Spotify Technology by 4.0% in the first quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock worth $161,645,000 after buying an additional 23,675 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in shares of Spotify Technology by 47.4% in the first quarter. Advisors Asset Management Inc. now owns 1,350 shares of the company’s stock worth $356,000 after buying an additional 434 shares in the last quarter. LRI Investments LLC bought a new position in shares of Spotify Technology in the first quarter worth approximately $95,000. Cetera Investment Advisers lifted its stake in shares of Spotify Technology by 95.2% in the first quarter. Cetera Investment Advisers now owns 13,332 shares of the company’s stock worth $3,518,000 after buying an additional 6,502 shares in the last quarter. Finally, Cetera Advisors LLC lifted its stake in shares of Spotify Technology by 19.8% in the first quarter. Cetera Advisors LLC now owns 3,185 shares of the company’s stock worth $840,000 after buying an additional 526 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on SPOT shares. Benchmark upped their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Pivotal Research boosted their price objective on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Barclays boosted their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Bank of America boosted their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Morgan Stanley boosted their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $421.69.

Spotify Technology Stock Performance

SPOT opened at $475.24 on Friday. Spotify Technology S.A. has a fifty-two week low of $179.66 and a fifty-two week high of $489.69. The stock has a market capitalization of $94.60 billion, a price-to-earnings ratio of 129.14 and a beta of 1.56. The company has a fifty day moving average of $402.06 and a 200 day moving average of $348.93.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS 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 during the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the business earned $0.36 earnings per share. The business’s quarterly revenue was up 18.8% on a year-over-year basis. On average, equities research analysts forecast that Spotify Technology S.A. will post 6.02 earnings per share for the current year.

Spotify Technology Company 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.