Massachusetts Financial Services Co. MA Acquires 102,786 Shares of Spotify Technology S.A. (NYSE:SPOT)

Massachusetts Financial Services Co. MA grew its holdings in Spotify Technology S.A. (NYSE:SPOT) by 3.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,492,170 shares of the company’s stock after acquiring an additional 102,786 shares during the quarter. Massachusetts Financial Services Co. MA owned 1.75% of Spotify Technology worth $1,286,969,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Transcendent Capital Group LLC bought a new stake in Spotify Technology in the 2nd quarter valued at $25,000. Benjamin Edwards Inc. lifted its holdings in shares of Spotify Technology by 214.8% in the second 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. Mather Group LLC. boosted its position in Spotify Technology by 9,900.0% during 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 shares of Spotify Technology during the 2nd quarter worth approximately $35,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of Spotify Technology during the 2nd quarter worth approximately $39,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

SPOT stock opened at $470.24 on Thursday. The company has a market capitalization of $93.60 billion, a price-to-earnings ratio of 127.78 and a beta of 1.56. Spotify Technology S.A. has a 1-year low of $178.01 and a 1-year high of $489.69. The business has a 50 day simple moving average of $386.17 and a two-hundred day simple moving average of $341.83.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $4.03 billion. During the same period last year, the company earned $0.36 EPS. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. Sell-side analysts anticipate that Spotify Technology S.A. will post 6.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SPOT. 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 research report on Wednesday, November 13th. Phillip Securities restated an “accumulate” rating and set a $485.00 target price (up previously from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Evercore ISI boosted their price target on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Canaccord Genuity Group boosted their price objective on shares of Spotify Technology from $475.00 to $525.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, Guggenheim upped their price objective on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $421.69.

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.