Fiduciary Trust Co Acquires New Holdings in Spotify Technology S.A. (NYSE:SPOT)

Fiduciary Trust Co purchased a new stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 513 shares of the company's stock, valued at approximately $230,000.

A number of other hedge funds have also recently added to or reduced their stakes in SPOT. Circle Wealth Management LLC acquired a new position in Spotify Technology during the fourth quarter worth $1,281,000. Deutsche Bank AG boosted its stake in shares of Spotify Technology by 133.2% during the 4th quarter. Deutsche Bank AG now owns 952,415 shares of the company's stock worth $426,091,000 after acquiring an additional 544,005 shares in the last quarter. Colonial Trust Co SC increased its holdings in shares of Spotify Technology by 1,009.1% during the 4th quarter. Colonial Trust Co SC now owns 122 shares of the company's stock valued at $55,000 after acquiring an additional 111 shares during the last quarter. Concentric Capital Strategies LP increased its holdings in shares of Spotify Technology by 124.5% during the 4th quarter. Concentric Capital Strategies LP now owns 24,362 shares of the company's stock valued at $10,899,000 after acquiring an additional 13,510 shares during the last quarter. Finally, CoreCap Advisors LLC raised its stake in shares of Spotify Technology by 1.8% in the 4th quarter. CoreCap Advisors LLC now owns 1,617 shares of the company's stock valued at $723,000 after acquiring an additional 28 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SPOT shares. Loop Capital lifted their price target on shares of Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a research report on Friday, May 2nd. Benchmark boosted their target price on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Redburn Atlantic started coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price target for the company. FBN Securities initiated coverage on Spotify Technology in a research note on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price objective on the stock. Finally, Wells Fargo & Company increased their target price on Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research note on Friday, March 28th. Eight investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $606.48.

Spotify Technology Trading Up 2.5%

Shares of SPOT traded up $15.84 during trading hours on Friday, hitting $656.02. 2,222,366 shares of the stock traded hands, compared to its average volume of 2,188,360. The business has a fifty day moving average of $582.66 and a 200-day moving average of $530.69. The firm has a market capitalization of $134.29 billion, a PE ratio of 110.26 and a beta of 1.72. Spotify Technology S.A. has a 1-year low of $288.07 and a 1-year high of $663.55.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. The business's revenue for the quarter was up 15.2% on a year-over-year basis. As a group, equities research analysts expect that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal 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.