Geode Capital Management LLC lifted its stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 6.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 224,209 shares of the company's stock after purchasing an additional 14,426 shares during the period. Geode Capital Management LLC owned about 0.11% of Spotify Technology worth $82,628,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently modified their holdings of SPOT. Prestige Wealth Management Group LLC purchased a new stake in Spotify Technology during the 3rd quarter worth approximately $26,000. Transcendent Capital Group LLC acquired a new stake in shares of Spotify Technology in the second quarter worth approximately $25,000. Benjamin Edwards Inc. increased its position in shares of Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company's stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Larson Financial Group LLC raised 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 valued at $36,000 after purchasing an additional 33 shares during the last quarter. Finally, V Square Quantitative Management LLC purchased a new position in Spotify Technology in the 3rd quarter valued at $40,000. Institutional investors and hedge funds own 84.09% of the company's stock.
A number of equities research analysts have recently commented on SPOT shares. Barclays increased their target price on shares of Spotify Technology from $385.00 to $475.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. Piper Sandler increased their price objective on shares of Spotify Technology from $330.00 to $450.00 and gave the company a "neutral" rating in a report on Wednesday, November 13th. Bank of America boosted their target price on Spotify Technology from $430.00 to $515.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Benchmark increased their price target on Spotify Technology from $430.00 to $440.00 and gave the company a "buy" rating in a report on Monday, November 11th. Finally, Canaccord Genuity Group boosted their price objective on Spotify Technology from $525.00 to $560.00 and gave the stock a "buy" rating in a research note on Monday, December 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have issued a buy rating to the company's stock. According to data from MarketBeat, Spotify Technology currently has an average rating of "Moderate Buy" and an average price target of $429.96.
Check Out Our Latest Analysis on Spotify Technology
NYSE SPOT opened at $454.16 on Friday. The company has a fifty day moving average of $434.20 and a two-hundred day moving average of $367.47. Spotify Technology S.A. has a 1 year low of $185.37 and a 1 year high of $506.47. The company has a market capitalization of $90.40 billion, a PE ratio of 123.41 and a beta of 1.61.
Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.75 by ($0.30). The firm 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 quarter in the prior year, the business earned $0.36 EPS. On average, research analysts expect that Spotify Technology S.A. will post 6.02 earnings per share for the current year.
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.
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