Bank of New York Mellon Corp Grows Position in Spotify Technology (NYSE:SPOT)

Bank of New York Mellon Corp grew its stake in Spotify Technology (NYSE:SPOT - Free Report) by 2.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 632,763 shares of the company's stock after buying an additional 16,552 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.31% of Spotify Technology worth $348,039,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wayfinding Financial LLC bought a new position in shares of Spotify Technology in the first quarter worth approximately $133,000. Impax Asset Management Group plc purchased a new position in shares of Spotify Technology during the 1st quarter valued at $611,000. SMART Wealth LLC bought a new position in Spotify Technology in the 1st quarter worth $294,000. Huntleigh Advisors Inc. purchased a new stake in Spotify Technology in the 1st quarter worth $234,000. Finally, Calamos Advisors LLC increased its stake in Spotify Technology by 63.4% in the 1st quarter. Calamos Advisors LLC now owns 35,123 shares of the company's stock worth $19,319,000 after buying an additional 13,626 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Up 2.0%

SPOT opened at $723.98 on Monday. The business has a fifty day moving average of $678.50 and a 200 day moving average of $593.82. The stock has a market cap of $148.20 billion, a P/E ratio of 120.06, a PEG ratio of 1.91 and a beta of 1.68. Spotify Technology has a 52-week low of $288.07 and a 52-week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The firm's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.97 earnings per share. Equities analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. FBN Securities began coverage on Spotify Technology in a research note on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price objective for the company. Guggenheim increased their price objective on shares of Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. Pivotal Research lifted their price objective on shares of Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. Sanford C. Bernstein upgraded shares of Spotify Technology to a "strong-buy" rating in a research report on Tuesday, June 3rd. Finally, Macquarie raised their target price on shares of Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Spotify Technology currently has an average rating of "Moderate Buy" and an average target price of $660.28.

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.

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