Spotify Technology (NYSE:SPOT) Shares Sold by M&T Bank Corp

M&T Bank Corp reduced its position in Spotify Technology (NYSE:SPOT - Free Report) by 4.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,288 shares of the company's stock after selling 1,045 shares during the period. M&T Bank Corp's holdings in Spotify Technology were worth $13,909,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in SPOT. Mpwm Advisory Solutions LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at $26,000. Hillsdale Investment Management Inc. acquired a new position in shares of Spotify Technology in the 4th quarter valued at $27,000. Tsfg LLC acquired a new position in shares of Spotify Technology in the 1st quarter valued at $28,000. Copia Wealth Management acquired a new position in shares of Spotify Technology in the 4th quarter valued at $29,000. Finally, North Star Investment Management Corp. lifted its stake in shares of Spotify Technology by 52.8% in the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after purchasing an additional 19 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Spotify Technology stock opened at $720.87 on Wednesday. The firm has a 50 day simple moving average of $684.18 and a 200-day simple moving average of $596.62. Spotify Technology has a 1-year low of $288.07 and a 1-year high of $785.00. The stock has a market cap of $147.57 billion, a price-to-earnings ratio of 119.55, a price-to-earnings-growth ratio of 1.94 and a beta of 1.68.

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 for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The firm had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same period last year, the company earned $0.97 EPS. The business's quarterly revenue was up 15.2% on a year-over-year basis. Equities analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SPOT shares. JPMorgan Chase & Co. boosted their target price on shares of Spotify Technology from $670.00 to $730.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Loop Capital upped their price target on shares of Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research report on Friday, May 2nd. Canaccord Genuity Group upped their price target on shares of Spotify Technology from $775.00 to $850.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Rosenblatt Securities reduced their price target on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a research report on Wednesday, April 30th. Finally, Redburn Atlantic initiated coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price target for the company. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $666.27.

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.

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