Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Increases Stock Holdings in Spotify Technology $SPOT

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in shares of Spotify Technology (NYSE:SPOT) by 4,234.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,517 shares of the company’s stock after buying an additional 1,482 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Spotify Technology were worth $1,022,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Joel Isaacson & Co. LLC raised its stake in shares of Spotify Technology by 1.0% in the second quarter. Joel Isaacson & Co. LLC now owns 1,551 shares of the company’s stock valued at $1,190,000 after acquiring an additional 15 shares during the period. Ignite Planners LLC grew its holdings in Spotify Technology by 2.4% during the 2nd quarter. Ignite Planners LLC now owns 637 shares of the company’s stock valued at $489,000 after purchasing an additional 15 shares during the last quarter. Stonekeep Investments LLC raised its position in Spotify Technology by 2.1% in the 2nd quarter. Stonekeep Investments LLC now owns 773 shares of the company’s stock worth $593,000 after purchasing an additional 16 shares during the period. Moody National Bank Trust Division lifted its stake in Spotify Technology by 0.5% in the second quarter. Moody National Bank Trust Division now owns 2,931 shares of the company’s stock worth $2,249,000 after purchasing an additional 16 shares during the last quarter. Finally, Cloud Capital Management LLC lifted its stake in Spotify Technology by 4.8% in the second quarter. Cloud Capital Management LLC now owns 392 shares of the company’s stock worth $301,000 after purchasing an additional 18 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

SPOT stock opened at $530.13 on Tuesday. Spotify Technology has a 1-year low of $451.43 and a 1-year high of $785.00. The business has a 50-day moving average price of $590.89 and a 200 day moving average price of $657.71. The company has a market capitalization of $109.15 billion, a P/E ratio of 83.35, a PEG ratio of 0.97 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The company had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. During the same period in the prior year, the business earned $1.45 EPS. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. On average, analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SPOT shares. Guggenheim cut their target price on Spotify Technology from $800.00 to $750.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. Citizens Jmp began coverage on Spotify Technology in a research report on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 price objective on the stock. Phillip Securities upgraded Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. UBS Group cut their price target on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a report on Friday. Finally, BNP Paribas raised shares of Spotify Technology to a “strong-buy” rating in a research note on Tuesday, September 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average price target of $754.90.

Spotify Technology 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.