M&T Bank Corp Has $2.85 Million Stock Position in Spotify Technology S.A. (NYSE:SPOT)

M&T Bank Corp cut its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 4.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,180 shares of the company’s stock after selling 649 shares during the period. M&T Bank Corp’s holdings in Spotify Technology were worth $2,853,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in SPOT. Bank of New York Mellon Corp boosted its stake in Spotify Technology by 3.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 342,235 shares of the company’s stock valued at $52,923,000 after purchasing an additional 11,876 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Spotify Technology by 4.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 66,343 shares of the company’s stock valued at $10,259,000 after acquiring an additional 2,611 shares in the last quarter. SeaBridge Investment Advisors LLC increased its position in Spotify Technology by 1.6% during the third quarter. SeaBridge Investment Advisors LLC now owns 24,838 shares of the company’s stock worth $3,841,000 after acquiring an additional 389 shares during the period. TD Asset Management Inc raised its stake in Spotify Technology by 19.3% in the 3rd quarter. TD Asset Management Inc now owns 504,179 shares of the company’s stock worth $77,966,000 after purchasing an additional 81,429 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its position in shares of Spotify Technology by 195.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after purchasing an additional 117 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT stock opened at $298.21 on Wednesday. The stock has a market capitalization of $56.72 billion, a PE ratio of -445.08 and a beta of 1.61. The business’s 50 day simple moving average is $277.33 and its 200 day simple moving average is $226.31. Spotify Technology S.A. has a one year low of $129.23 and a one year high of $319.30.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. The company had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same period last year, the firm earned ($1.24) earnings per share. As a group, research analysts expect that Spotify Technology S.A. will post 4.78 earnings per share for the current year.

Analysts Set New Price Targets

SPOT has been the topic of a number of analyst reports. Loop Capital increased their price target on Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a research report on Monday, April 22nd. The Goldman Sachs Group boosted their price target on Spotify Technology from $277.00 to $317.00 and gave the company a “neutral” rating in a research note on Wednesday, April 24th. Raymond James raised their target price on shares of Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a report on Monday, April 15th. Citigroup increased their price target on shares of Spotify Technology from $255.00 to $310.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, DZ Bank upgraded Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 target price for the company in a research note on Wednesday, February 7th. Eight analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $306.42.

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.