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

M&T Bank Corp grew its stake in Spotify Technology S.A. (NYSE:SPOT) by 5.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 26,991 shares of the company’s stock after buying 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 SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Prestige Wealth Management Group LLC acquired a new position in Spotify Technology in the third quarter valued at approximately $26,000. Benjamin Edwards Inc. increased its holdings in shares of Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Hobbs Group Advisors LLC purchased a new stake in Spotify Technology during the third quarter worth $33,000. Larson Financial Group LLC grew its position in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 shares during the period. Finally, V Square Quantitative Management LLC purchased a new position in Spotify Technology in the third quarter valued at $40,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

SPOT has been the topic of several recent analyst reports. Bank of America raised their target price on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Cantor Fitzgerald restated a “neutral” rating and issued a $340.00 price objective on shares of Spotify Technology in a research report on Monday, October 7th. KeyCorp increased their target price on Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. boosted their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, Evercore ISI increased their price objective on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $429.96.

Spotify Technology Trading Up 1.5 %

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

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.30). The company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period last year, the business earned $0.36 EPS. Research analysts predict that Spotify Technology S.A. will post 6.02 EPS 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.