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

Spotify Technology logo with Computer and Technology background

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.

Check Out Our Latest Analysis on Spotify Technology

Spotify Technology Profile

(Free Report)

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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Want to see what other hedge funds are holding SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spotify Technology (NYSE:SPOT - Free Report).

Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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