Bank of New York Mellon Corp Boosts Stake in Spotify Technology (NYSE:SPOT)

Bank of New York Mellon Corp raised its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 632,763 shares of the company's stock after acquiring an additional 16,552 shares during the period. Bank of New York Mellon Corp owned approximately 0.31% of Spotify Technology worth $348,039,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Adero Partners LLC grew its position in Spotify Technology by 0.7% during the 1st quarter. Adero Partners LLC now owns 2,635 shares of the company's stock worth $1,449,000 after acquiring an additional 19 shares during the last quarter. North Star Investment Management Corp. grew its position in Spotify Technology by 52.8% during the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after acquiring an additional 19 shares during the last quarter. Covenant Partners LLC grew its position in Spotify Technology by 2.5% during the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock worth $458,000 after acquiring an additional 25 shares during the last quarter. Trifecta Capital Advisors LLC grew its position in Spotify Technology by 33.3% during the 1st quarter. Trifecta Capital Advisors LLC now owns 100 shares of the company's stock worth $55,000 after acquiring an additional 25 shares during the last quarter. Finally, Harbour Investments Inc. grew its position in Spotify Technology by 13.3% during the 4th quarter. Harbour Investments Inc. now owns 222 shares of the company's stock worth $99,000 after acquiring an additional 26 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Performance

Shares of SPOT traded down $16.80 during trading hours on Tuesday, hitting $719.49. The company had a trading volume of 328,131 shares, compared to its average volume of 2,218,584. The firm has a fifty day moving average price of $681.30 and a 200-day moving average price of $595.75. The stock has a market capitalization of $147.29 billion, a price-to-earnings ratio of 119.21, a P/E/G 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 posted its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The company had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same period in the prior year, the firm earned $0.97 EPS. Spotify Technology's revenue for the quarter was up 15.2% compared to the same quarter last year. Research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Sanford C. Bernstein upgraded Spotify Technology to a "strong-buy" rating in a report on Tuesday, June 3rd. Loop Capital increased their price objective on Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a report on Friday, May 2nd. Robert W. Baird increased their price objective on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Barclays dropped their price objective on Spotify Technology from $710.00 to $650.00 and set an "overweight" rating for the company in a report on Wednesday, April 30th. Finally, UBS Group increased their price objective on Spotify Technology from $680.00 to $895.00 and gave the stock a "buy" rating in a report on Friday, June 27th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and a consensus price target 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.