Spotify Technology S.A. (NYSE:SPOT) Shares Acquired by MML Investors Services LLC

MML Investors Services LLC increased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 2.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,014 shares of the company’s stock after purchasing an additional 296 shares during the quarter. MML Investors Services LLC’s holdings in Spotify Technology were worth $4,428,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Transcendent Capital Group LLC acquired a new stake in shares of Spotify Technology in the second quarter valued at $25,000. Benjamin Edwards Inc. boosted its holdings in Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after acquiring an additional 58 shares during the period. Asset Dedication LLC acquired a new position in Spotify Technology in the 2nd quarter valued at about $35,000. Larson Financial Group LLC increased its stake in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the period. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in shares of Spotify Technology during the second quarter worth about $39,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 0.7 %

Shares of NYSE SPOT opened at $483.31 on Friday. The stock has a market cap of $96.20 billion, a PE ratio of 131.33 and a beta of 1.61. Spotify Technology S.A. has a 52-week low of $185.37 and a 52-week high of $506.47. The business has a 50-day moving average price of $426.66 and a 200 day moving average price of $363.01.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter last year, the business posted $0.36 earnings per share. The business’s revenue was up 18.8% on a year-over-year basis. Sell-side analysts anticipate that Spotify Technology S.A. will post 6.02 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on SPOT. The Goldman Sachs Group upped their target price on shares of Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Rosenblatt Securities increased their price objective on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Bank of America lifted their target price on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Wells Fargo & Company upped their price target on Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, Macquarie lifted their price objective on Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have given a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $429.96.

About Spotify Technology

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.