513 Shares in Spotify Technology S.A. (NYSE:SPOT) Acquired by Fiduciary Trust Co

Fiduciary Trust Co acquired a new stake in Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 513 shares of the company’s stock, valued at approximately $230,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its position in Spotify Technology by 11.8% in the 3rd quarter. Principal Financial Group Inc. now owns 39,578 shares of the company’s stock valued at $14,586,000 after purchasing an additional 4,192 shares during the period. Harbor Capital Advisors Inc. raised its holdings in Spotify Technology by 2.4% during the fourth quarter. Harbor Capital Advisors Inc. now owns 1,398 shares of the company’s stock worth $625,000 after buying an additional 33 shares during the last quarter. Aprio Wealth Management LLC bought a new position in shares of Spotify Technology in the fourth quarter valued at $338,000. Matrix Trust Co acquired a new position in shares of Spotify Technology during the fourth quarter valued at about $150,000. Finally, City Center Advisors LLC bought a new stake in shares of Spotify Technology during the fourth quarter worth about $374,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of recent research reports. Wells Fargo & Company boosted their price objective on Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a report on Friday, March 28th. The Goldman Sachs Group upped their price target on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. UBS Group dropped their price objective on Spotify Technology from $690.00 to $680.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Barclays dropped their price target on shares of Spotify Technology from $710.00 to $650.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 30th. Finally, Robert W. Baird upped their price objective on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $606.48.

Spotify Technology Trading Down 4.3%

SPOT stock opened at $620.25 on Tuesday. Spotify Technology S.A. has a 1-year low of $286.21 and a 1-year high of $663.55. The stock has a market cap of $126.97 billion, a price-to-earnings ratio of 104.24 and a beta of 1.72. The company’s 50 day moving average is $576.15 and its 200 day moving average is $527.61.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the prior year, the firm posted $0.97 earnings per share. The business’s revenue was up 15.2% on a year-over-year basis. As a group, sell-side analysts forecast that Spotify Technology S.A. will post 10.3 EPS for the current fiscal year.

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.