Spotify Technology S.A. (NYSE:SPOT) Shares Acquired by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. boosted its position in Spotify Technology S.A. (NYSE:SPOT) by 28.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 501,072 shares of the company’s stock after acquiring an additional 109,776 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Spotify Technology were worth $132,233,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Natixis Advisors L.P. acquired a new stake in shares of Spotify Technology in the 3rd quarter valued at about $2,330,000. Alps Advisors Inc. increased its stake in Spotify Technology by 1.9% in the third quarter. Alps Advisors Inc. now owns 7,698 shares of the company’s stock valued at $1,190,000 after purchasing an additional 144 shares during the period. Legal & General Group Plc raised its holdings in shares of Spotify Technology by 0.9% in the third quarter. Legal & General Group Plc now owns 583,897 shares of the company’s stock valued at $90,300,000 after buying an additional 5,426 shares during the last quarter. Seven Eight Capital LP acquired a new stake in shares of Spotify Technology during the third quarter worth about $2,944,000. Finally, Sei Investments Co. grew its holdings in shares of Spotify Technology by 32.8% during the third quarter. Sei Investments Co. now owns 329,527 shares of the company’s stock worth $50,957,000 after buying an additional 81,450 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of SPOT stock traded down $1.13 during midday trading on Wednesday, reaching $314.42. 224,932 shares of the company were exchanged, compared to its average volume of 1,945,713. The company has a market cap of $59.80 billion, a P/E ratio of -471.63 and a beta of 1.59. Spotify Technology S.A. has a 12 month low of $129.23 and a 12 month high of $331.08. The company’s 50 day moving average price is $304.67 and its two-hundred day moving average price is $262.14.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. The business had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same period in the previous year, the firm earned ($1.24) EPS. As a group, sell-side analysts predict that Spotify Technology S.A. will post 4.95 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have issued reports on SPOT shares. Pivotal Research boosted their price objective on shares of Spotify Technology from $390.00 to $400.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Loop Capital raised their price objective on shares of Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a research report on Monday, April 22nd. Macquarie increased their target price on Spotify Technology from $300.00 to $330.00 and gave the stock an “outperform” rating in a research note on Monday, April 22nd. HSBC lifted their price target on Spotify Technology from $310.00 to $355.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Finally, Guggenheim increased their price objective on Spotify Technology from $290.00 to $350.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Eight equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $311.88.

Spotify Technology Company Profile

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.