Franklin Street Advisors Inc. NC Takes Position in Spotify Technology $SPOT

Franklin Street Advisors Inc. NC purchased a new stake in shares of Spotify Technology (NYSE:SPOT) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 22,029 shares of the company’s stock, valued at approximately $15,376,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State Street Corp lifted its position 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 buying an additional 74,256 shares in the last quarter. Fisher Asset Management LLC grew its holdings in shares of Spotify Technology by 22.7% in the second quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock valued at $1,909,920,000 after acquiring an additional 460,115 shares in 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 valued at $1,192,730,000 after acquiring an additional 49,377 shares during 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 valued at $1,116,007,000 after acquiring an additional 214,355 shares during the last quarter. Finally, Edgewood Management LLC lifted its holdings in Spotify Technology by 14.4% during the second quarter. Edgewood Management LLC now owns 1,249,791 shares of the company’s stock worth $959,015,000 after acquiring an additional 157,567 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SPOT shares. Barclays reduced their price objective on Spotify Technology from $750.00 to $700.00 and set an “overweight” rating for the company in a research note on Wednesday, November 5th. Argus initiated coverage on shares of Spotify Technology in a report on Monday, September 29th. They issued a “buy” rating and a $845.00 price target on the stock. Rosenblatt Securities decreased their price objective on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. Guggenheim lowered their price objective on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Finally, BNP Paribas raised shares of Spotify Technology to a “strong-buy” rating in a research report on Tuesday, September 16th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $760.23.

Spotify Technology Stock Up 3.3%

Shares of NYSE:SPOT opened at $582.39 on Friday. The firm has a market capitalization of $119.91 billion, a PE ratio of 91.57, a P/E/G ratio of 1.86 and a beta of 1.66. The company has a 50-day moving average price of $620.98 and a two-hundred day moving average price of $674.28. Spotify Technology has a twelve month low of $443.21 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $1.96. The company had revenue of $5.01 billion for the quarter, compared to analysts’ expectations 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 was up 7.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.45 EPS. Analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Spotify Technology Company 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.