Truist Financial Corp Has $365,000 Stake in Spotify Technology S.A. (NYSE:SPOT)

Truist Financial Corp boosted its holdings in Spotify Technology S.A. (NYSE:SPOTGet Rating) by 9.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,228 shares of the company’s stock after purchasing an additional 356 shares during the quarter. Truist Financial Corp’s holdings in Spotify Technology were worth $365,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of SPOT. Baillie Gifford & Co. raised its position in shares of Spotify Technology by 12.8% in the 2nd quarter. Baillie Gifford & Co. now owns 26,199,637 shares of the company’s stock valued at $2,458,313,000 after buying an additional 2,971,063 shares in the last quarter. BlackRock Inc. raised its position in shares of Spotify Technology by 6.3% in the 1st quarter. BlackRock Inc. now owns 4,046,153 shares of the company’s stock valued at $611,049,000 after buying an additional 241,026 shares in the last quarter. Jennison Associates LLC raised its position in shares of Spotify Technology by 0.5% in the 2nd quarter. Jennison Associates LLC now owns 1,895,466 shares of the company’s stock valued at $177,852,000 after buying an additional 10,006 shares in the last quarter. Liontrust Investment Partners LLP raised its position in shares of Spotify Technology by 18.9% in the 2nd quarter. Liontrust Investment Partners LLP now owns 1,532,321 shares of the company’s stock valued at $143,778,000 after buying an additional 243,921 shares in the last quarter. Finally, State Street Corp raised its position in shares of Spotify Technology by 0.5% in the 2nd quarter. State Street Corp now owns 1,511,243 shares of the company’s stock valued at $141,800,000 after buying an additional 7,906 shares in the last quarter. Institutional investors and hedge funds own 52.80% of the company’s stock.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of research analyst reports. UBS Group lowered their price objective on shares of Spotify Technology from $142.00 to $100.00 in a research report on Thursday, January 5th. Wells Fargo & Company lowered their price objective on shares of Spotify Technology from $132.00 to $121.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 26th. Barclays lowered their price objective on shares of Spotify Technology from $164.00 to $135.00 and set an “overweight” rating for the company in a research report on Wednesday, October 26th. Evercore ISI lowered their price objective on shares of Spotify Technology from $230.00 to $175.00 in a research report on Wednesday, October 26th. Finally, Raymond James lowered their price objective on shares of Spotify Technology from $150.00 to $110.00 and set an “outperform” rating for the company in a research report on Wednesday, October 26th. Thirteen equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $142.44.

Spotify Technology Stock Performance

NYSE:SPOT opened at $99.29 on Wednesday. The firm’s fifty day moving average is $81.68 and its 200-day moving average is $92.96. Spotify Technology S.A. has a 52 week low of $69.29 and a 52 week high of $208.49. The firm has a market cap of $19.08 billion, a P/E ratio of -52.26 and a beta of 1.66.

Spotify Technology (NYSE:SPOTGet Rating) last posted its quarterly earnings data on Tuesday, October 25th. The company reported ($0.99) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.11). Spotify Technology had a negative net margin of 1.62% and a negative return on equity of 8.21%. The firm had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.03 billion. As a group, sell-side analysts anticipate that Spotify Technology S.A. will post -2.64 earnings per share for the current year.

Spotify Technology Profile

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Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

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Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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