Geode Capital Management LLC Increases Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Geode Capital Management LLC lifted its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 6.9% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 224,209 shares of the company’s stock after purchasing an additional 14,426 shares during the period. Geode Capital Management LLC’s holdings in Spotify Technology were worth $82,628,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Transcendent Capital Group LLC acquired a new stake in Spotify Technology in the second quarter valued at $25,000. Prestige Wealth Management Group LLC acquired a new stake in shares of Spotify Technology in the third quarter valued at about $26,000. Benjamin Edwards Inc. grew its position in Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after buying an additional 58 shares during the period. Asset Dedication LLC purchased a new position in Spotify Technology in the second quarter valued at about $35,000. Finally, Larson Financial Group LLC boosted its stake in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $454.16 on Friday. The company has a market cap of $90.40 billion, a P/E ratio of 123.41 and a beta of 1.61. The business’s 50-day simple moving average is $434.20 and its 200 day simple moving average is $367.47. Spotify Technology S.A. has a one year low of $185.37 and a one year high of $506.47.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.36 EPS. Analysts predict that Spotify Technology S.A. will post 6.02 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SPOT shares. Piper Sandler lifted their price objective on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 price objective on shares of Spotify Technology in a research note on Monday, October 7th. Canaccord Genuity Group upped their price target on shares of Spotify Technology from $525.00 to $560.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Barclays lifted their price objective on Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, KeyCorp increased their target price on Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $429.96.

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.