Alecta Tjanstepension Omsesidigt Lowers Position in Spotify Technology (NYSE:SPOT)

Alecta Tjanstepension Omsesidigt lowered its position in Spotify Technology (NYSE:SPOT - Free Report) by 16.4% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 772,400 shares of the company's stock after selling 151,000 shares during the period. Spotify Technology accounts for approximately 2.4% of Alecta Tjanstepension Omsesidigt's portfolio, making the stock its 11th biggest holding. Alecta Tjanstepension Omsesidigt owned approximately 0.38% of Spotify Technology worth $424,982,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Proficio Capital Partners LLC acquired a new position in Spotify Technology in the 4th quarter valued at about $281,000. Harbour Investments Inc. boosted its stake in shares of Spotify Technology by 13.3% in the 4th quarter. Harbour Investments Inc. now owns 222 shares of the company's stock valued at $99,000 after buying an additional 26 shares during the period. Thrivent Financial for Lutherans boosted its stake in shares of Spotify Technology by 566.1% in 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 during the period. American Century Companies Inc. lifted its stake in Spotify Technology by 16.5% during the fourth quarter. American Century Companies Inc. now owns 236,360 shares of the company's stock worth $105,743,000 after purchasing an additional 33,470 shares during the last quarter. Finally, Hillsdale Investment Management Inc. purchased a new stake in Spotify Technology during the fourth quarter worth approximately $27,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SPOT has been the topic of a number of recent research reports. Evercore ISI boosted their target price on Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a report on Monday, June 16th. DZ Bank downgraded Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a research report on Friday, June 13th. The Goldman Sachs Group raised their target price on Spotify Technology from $680.00 to $775.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Robert W. Baird lifted their target price on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Finally, Barclays boosted their price objective on Spotify Technology from $650.00 to $800.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat, Spotify Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $701.31.

Spotify Technology Stock Down 1.6%

Spotify Technology stock traded down $11.49 during trading hours on Tuesday, reaching $695.40. 401,359 shares of the company's stock were exchanged, compared to its average volume of 2,211,603. The firm's 50 day simple moving average is $696.06 and its 200 day simple moving average is $611.91. Spotify Technology has a twelve month low of $290.13 and a twelve month high of $785.00. The firm has a market capitalization of $142.35 billion, a PE ratio of 115.54, a PEG ratio of 1.85 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. Spotify Technology's revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.97 EPS. Analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Spotify Technology 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.

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