State Street Corp Has $184.42 Million Holdings in Spotify (NYSE:SPOT)

State Street Corp increased its stake in shares of Spotify (NYSE:SPOT) by 1.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,233,161 shares of the company’s stock after purchasing an additional 19,019 shares during the period. State Street Corp owned approximately 0.69% of Spotify worth $184,419,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in SPOT. Oregon Public Employees Retirement Fund acquired a new position in Spotify during the fourth quarter worth approximately $374,000. Rhumbline Advisers grew its stake in shares of Spotify by 1.9% in the 4th quarter. Rhumbline Advisers now owns 114,098 shares of the company’s stock valued at $17,063,000 after buying an additional 2,148 shares during the period. New York State Common Retirement Fund grew its stake in shares of Spotify by 5.0% in the 4th quarter. New York State Common Retirement Fund now owns 237,294 shares of the company’s stock valued at $35,487,000 after buying an additional 11,247 shares during the period. Cedar Capital LLC grew its stake in shares of Spotify by 35.1% in the 4th quarter. Cedar Capital LLC now owns 6,147 shares of the company’s stock valued at $919,000 after buying an additional 1,597 shares during the period. Finally, Principal Financial Group Inc. grew its stake in shares of Spotify by 13.8% in the 4th quarter. Principal Financial Group Inc. now owns 13,548 shares of the company’s stock valued at $2,026,000 after buying an additional 1,647 shares during the period. 50.94% of the stock is owned by institutional investors and hedge funds.

NYSE:SPOT traded down $1.99 during midday trading on Friday, hitting $145.87. The company had a trading volume of 13,547 shares, compared to its average volume of 1,564,252. Spotify has a 52-week low of $110.57 and a 52-week high of $161.38. The stock’s fifty day moving average price is $148.74 and its 200-day moving average price is $137.63. The company has a market capitalization of $26.00 billion, a PE ratio of -65.55 and a beta of 1.92.

Spotify (NYSE:SPOT) last announced its earnings results on Wednesday, February 5th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.66). The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.89 billion. Spotify had a negative return on equity of 8.68% and a negative net margin of 2.69%. The firm’s revenue was up 24.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.36 earnings per share. On average, sell-side analysts predict that Spotify will post -1.23 earnings per share for the current year.

SPOT has been the subject of several research reports. Morgan Stanley restated a “buy” rating and issued a $180.00 target price on shares of Spotify in a research note on Wednesday, January 8th. Barclays dropped their price target on shares of Spotify from $190.00 to $180.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. Canaccord Genuity reaffirmed a “buy” rating and issued a $185.00 price target on shares of Spotify in a research report on Thursday, February 6th. Zacks Investment Research cut shares of Spotify from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 7th. Finally, Pivotal Research lowered their price target on shares of Spotify from to and set a “hold” rating on the stock in a report on Thursday, February 6th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $161.80.

Spotify Profile

Spotify Technology SA, together with its subsidiaries, provides music streaming services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers commercial-free music services to subscribers comprising unlimited online and offline high-quality streaming access to its catalog.

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Institutional Ownership by Quarter for Spotify (NYSE:SPOT)

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