Alecta Tjanstepension Omsesidigt trimmed its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 16.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 772,400 shares of the company's stock after selling 151,000 shares during the period. Spotify Technology makes up 2.4% of Alecta Tjanstepension Omsesidigt's investment portfolio, making the stock its 11th biggest holding. Alecta Tjanstepension Omsesidigt owned approximately 0.38% of Spotify Technology worth $424,982,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Thrivent Financial for Lutherans grew its holdings in Spotify Technology by 566.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock valued at $3,541,000 after buying an additional 6,782 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its stake in Spotify Technology by 18.5% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 22,598 shares of the company's stock worth $10,110,000 after purchasing an additional 3,536 shares in the last quarter. QRG Capital Management Inc. raised its position in Spotify Technology by 36.3% during the 1st quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock worth $391,000 after buying an additional 189 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Spotify Technology by 38.1% during the 1st quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock valued at $718,000 after purchasing an additional 360 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its stake in Spotify Technology by 16.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock worth $4,699,000 after purchasing an additional 1,179 shares during the last quarter. 84.09% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of research analysts have issued reports on SPOT shares. Benchmark increased their target price on shares of Spotify Technology from $700.00 to $840.00 and gave the company a "buy" rating in a report on Thursday, July 10th. Canaccord Genuity Group lifted their price objective on shares of Spotify Technology from $775.00 to $850.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Wolfe Research upgraded Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective for the company in a research report on Monday, April 21st. Cantor Fitzgerald raised their price target on Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a report on Wednesday, June 18th. Finally, Evercore ISI lifted their price target on Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a research note on Monday, June 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $727.52.
Get Our Latest Analysis on Spotify Technology
Spotify Technology Trading Up 2.1%
SPOT stock traded up $14.06 during trading hours on Friday, hitting $695.48. 1,046,057 shares of the stock traded hands, compared to its average volume of 2,238,850. The stock has a 50-day simple moving average of $700.63 and a 200 day simple moving average of $615.88. Spotify Technology has a one year low of $300.57 and a one year high of $785.00. The company has a market cap of $142.37 billion, a P/E ratio of 115.35, a P/E/G ratio of 1.79 and a beta of 1.68.
Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business's revenue was up 15.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.97 EPS. Analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.
About Spotify Technology
(
Free Report)
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.
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