Massachusetts Financial Services Co. MA Has $1.06 Billion Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Massachusetts Financial Services Co. MA increased its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 0.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,389,384 shares of the company’s stock after purchasing an additional 8,291 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.70% of Spotify Technology worth $1,063,555,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Evoke Wealth LLC acquired a new stake in shares of Spotify Technology during the fourth quarter worth approximately $2,271,000. Mirae Asset Global Investments Co. Ltd. raised its position in Spotify Technology by 30.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock valued at $21,024,000 after purchasing an additional 18,731 shares during the last quarter. Franklin Resources Inc. raised its position in Spotify Technology by 1,500.5% in the 4th quarter. Franklin Resources Inc. now owns 70,151 shares of the company’s stock valued at $13,182,000 after purchasing an additional 65,768 shares during the last quarter. TD Asset Management Inc boosted its stake in Spotify Technology by 2.4% in the first quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock worth $135,339,000 after purchasing an additional 12,192 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Spotify Technology by 327.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock worth $73,520,000 after purchasing an additional 299,700 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Up 0.1 %

Shares of Spotify Technology stock opened at $337.90 on Monday. The company has a market capitalization of $67.26 billion, a P/E ratio of -504.32 and a beta of 1.57. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The business has a 50-day moving average of $327.16 and a two-hundred day moving average of $304.68. Spotify Technology S.A. has a 1 year low of $145.76 and a 1 year high of $359.38.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The business had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the prior year, the business earned ($1.69) EPS. Spotify Technology’s revenue for the quarter was up 19.8% compared to the same quarter last year. As a group, equities analysts predict that Spotify Technology S.A. will post 6.31 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SPOT. Jefferies Financial Group reiterated a “buy” rating and set a $385.00 price target (up previously from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. Evercore ISI upped their target price on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. KeyCorp raised their price target on shares of Spotify Technology from $400.00 to $410.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. UBS Group upped their price objective on Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Finally, Redburn Atlantic reiterated a “sell” rating and issued a $230.00 price objective on shares of Spotify Technology in a research report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $356.38.

Spotify Technology 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.