Massachusetts Financial Services Co. MA Has $1.94 Billion Holdings in Spotify Technology (NYSE:SPOT)

Massachusetts Financial Services Co. MA grew its position in Spotify Technology (NYSE:SPOT - Free Report) by 3.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 3,526,988 shares of the company's stock after buying an additional 112,553 shares during the period. Massachusetts Financial Services Co. MA owned 1.72% of Spotify Technology worth $1,939,949,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Thrivent Financial for Lutherans grew its stake in shares of Spotify Technology by 566.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after purchasing an additional 6,782 shares during the period. O Shaughnessy Asset Management LLC grew its stake in shares of Spotify Technology by 18.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 22,598 shares of the company's stock worth $10,110,000 after purchasing an additional 3,536 shares during the period. QRG Capital Management Inc. grew its stake in shares of Spotify Technology by 36.3% during the first quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock worth $391,000 after purchasing an additional 189 shares during the period. GAMMA Investing LLC grew its stake in shares of Spotify Technology by 38.1% during the first quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock worth $718,000 after purchasing an additional 360 shares during the period. Finally, Cambridge Investment Research Advisors Inc. grew its stake in shares of Spotify Technology by 16.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock worth $4,699,000 after purchasing an additional 1,179 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Macquarie lifted their price objective on Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Barclays lifted their target price on Spotify Technology from $650.00 to $800.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Cantor Fitzgerald lifted their target price on Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a report on Wednesday, June 18th. FBN Securities initiated coverage on Spotify Technology in a report on Friday, March 28th. They set a "sector perform" rating and a $645.00 target price on the stock. Finally, Wolfe Research upgraded Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price on the stock in a report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $701.31.

Spotify Technology Stock Down 0.7%

Shares of NYSE:SPOT traded down $4.71 during midday trading on Wednesday, reaching $705.75. The company had a trading volume of 1,335,669 shares, compared to its average volume of 2,217,313. The business's 50 day moving average price is $692.89 and its 200 day moving average price is $605.46. The stock has a market cap of $144.47 billion, a PE ratio of 117.04, a P/E/G ratio of 1.90 and a beta of 1.68. Spotify Technology has a 1-year low of $288.07 and a 1-year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. Spotify Technology's quarterly revenue was up 15.2% compared to the same quarter last year. During the same period last year, the firm earned $0.97 EPS. On average, research analysts expect that Spotify Technology 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.