Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Purchases 1,482 Shares of Spotify Technology $SPOT

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its position in shares of Spotify Technology (NYSE:SPOT) by 4,234.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,517 shares of the company’s stock after buying an additional 1,482 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Spotify Technology were worth $1,022,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of SPOT. State Street Corp raised its stake in shares of Spotify Technology by 1.7% during the 2nd quarter. State Street Corp now owns 4,574,228 shares of the company’s stock worth $3,509,988,000 after acquiring an additional 74,256 shares in the last quarter. Fisher Asset Management LLC grew its holdings in Spotify Technology by 22.7% in the second quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock worth $1,909,920,000 after purchasing an additional 460,115 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Spotify Technology by 3.3% during the second quarter. Geode Capital Management LLC now owns 1,568,502 shares of the company’s stock worth $1,192,730,000 after purchasing an additional 49,377 shares in the last quarter. Invesco Ltd. increased its position in shares of Spotify Technology by 17.3% during the second quarter. Invesco Ltd. now owns 1,454,383 shares of the company’s stock worth $1,116,007,000 after purchasing an additional 214,355 shares in the last quarter. Finally, Edgewood Management LLC lifted its holdings in shares of Spotify Technology by 14.4% during the 2nd quarter. Edgewood Management LLC now owns 1,249,791 shares of the company’s stock valued at $959,015,000 after purchasing an additional 157,567 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SPOT. Citizens Jmp began coverage on Spotify Technology in a research note on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 target price on the stock. BNP Paribas Exane started coverage on shares of Spotify Technology in a report on Tuesday, September 16th. They set an “outperform” rating and a $900.00 price objective on the stock. Pivotal Research decreased their price objective on shares of Spotify Technology from $900.00 to $875.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Phillip Securities upgraded shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research note on Monday, November 10th. Finally, The Goldman Sachs Group lowered shares of Spotify Technology from a “buy” rating to a “neutral” rating and upped their price target for the company from $765.00 to $770.00 in a research note on Tuesday, September 30th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $754.90.

Spotify Technology Stock Down 1.7%

Shares of NYSE SPOT opened at $530.13 on Tuesday. Spotify Technology has a 52 week low of $451.43 and a 52 week high of $785.00. The business’s 50 day moving average price is $590.89 and its 200 day moving average price is $657.71. The firm has a market cap of $109.15 billion, a P/E ratio of 83.35, a P/E/G ratio of 0.97 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. The company had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.23 billion. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. Spotify Technology’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period last year, the firm posted $1.45 EPS. As a group, research analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

Spotify Technology Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.