Mitsubishi UFJ Asset Management Co. Ltd. Has $67.68 Million Stake in Spotify Technology (NYSE:SPOT)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Spotify Technology by 10.5%, owning 123,044 shares valued at approximately $67.68 million after the first quarter.
• Despite missing earnings estimates with a reported loss of ($0.42) EPS, Spotify's revenue rose 10.1% to $4.94 billion, surpassing expectations.
• Spotify’s stock is currently rated as a "Moderate Buy" with an average price target of $718.90, reflecting strong support among analysts after recent price target adjustments.

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Spotify Technology (NYSE:SPOT - Free Report) by 10.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 123,044 shares of the company's stock after buying an additional 11,680 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.06% of Spotify Technology worth $67,678,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. QRG Capital Management Inc. boosted its position in Spotify Technology by 36.3% during the first quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock valued at $391,000 after purchasing an additional 189 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Spotify Technology by 38.1% during the first quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock valued at $718,000 after buying an additional 360 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Spotify Technology by 16.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock valued at $4,699,000 after buying an additional 1,179 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Spotify Technology by 30.7% in the 1st quarter. Fifth Third Bancorp now owns 302 shares of the company's stock worth $166,000 after buying an additional 71 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Spotify Technology by 238.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,441 shares of the company's stock worth $13,993,000 after acquiring an additional 17,932 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 2.9%

Shares of SPOT stock traded up $19.64 during trading hours on Friday, reaching $706.38. 2,361,417 shares of the stock traded hands, compared to its average volume of 2,795,071. The business has a fifty day moving average price of $702.55 and a 200 day moving average price of $631.84. Spotify Technology has a 1-year low of $319.07 and a 1-year high of $785.00. The firm has a market capitalization of $144.60 billion, a PE ratio of 171.45, a PEG ratio of 3.06 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). The company had revenue of $4.94 billion for the quarter, compared to analyst estimates of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The company's quarterly revenue was up 10.1% on a year-over-year basis. During the same period last year, the business earned $1.33 EPS. Research analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SPOT has been the topic of several analyst reports. Cantor Fitzgerald lifted their price target on shares of Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a report on Wednesday, June 18th. KeyCorp lowered their price objective on Spotify Technology from $860.00 to $830.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Barclays reduced their target price on Spotify Technology from $800.00 to $750.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. Oppenheimer raised Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 price target for the company in a report on Thursday, July 24th. Finally, Guggenheim upped their price objective on shares of Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. Ten investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of "Moderate Buy" and a consensus price target of $718.90.

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.