Spotify Technology S.A. (NYSE:SPOT) Shares Purchased by M&T Bank Corp

M&T Bank Corp raised its position in Spotify Technology S.A. (NYSE:SPOT) by 5.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 26,991 shares of the company’s stock after acquiring an additional 1,395 shares during the quarter. M&T Bank Corp’s holdings in Spotify Technology were worth $9,947,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Prestige Wealth Management Group LLC purchased a new position in shares of Spotify Technology in the third quarter valued at approximately $26,000. Benjamin Edwards Inc. lifted its holdings in Spotify Technology by 214.8% during the 2nd 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. Hobbs Group Advisors LLC purchased a new position in Spotify Technology in the 3rd quarter valued at approximately $33,000. Larson Financial Group LLC grew its stake in shares of Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares in the last quarter. Finally, V Square Quantitative Management LLC purchased a new stake in shares of Spotify Technology during the third quarter worth $40,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

SPOT stock opened at $460.88 on Monday. Spotify Technology S.A. has a one year low of $185.37 and a one year high of $506.47. The company has a fifty day moving average of $435.94 and a 200-day moving average of $368.79. The stock has a market capitalization of $91.74 billion, a PE ratio of 125.24 and a beta of 1.61.

Spotify Technology (NYSE:SPOT) last announced 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). The business 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%. Spotify Technology’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 EPS. Equities analysts forecast that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently commented on SPOT shares. Deutsche Bank Aktiengesellschaft boosted their target price on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Wells Fargo & Company upped their target price on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group lifted their price target on shares of Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Bank of America increased their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Barclays lifted their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.