Nikko Asset Management Americas Inc. Sells 60,592 Shares of Spotify Technology (NYSE:SPOT)

Key Points

• Nikko Asset Management Americas Inc. reduced its stake in Spotify Technology by 18.6% in the first quarter, selling 60,592 shares and holding a total of 264,844 shares afterward.
• Spotify reported a Q1 EPS of $1.13, missing analysts' expectations, but its revenue rose 15.2% year-over-year to $4.41 billion.
• Wall Street analysts have varied ratings on Spotify, with a consensus rating of "Moderate Buy" and an average price target of $727.52.

Nikko Asset Management Americas Inc. decreased its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 18.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 264,844 shares of the company's stock after selling 60,592 shares during the quarter. Spotify Technology makes up 1.8% of Nikko Asset Management Americas Inc.'s investment portfolio, making the stock its 16th largest position. Nikko Asset Management Americas Inc. owned approximately 0.13% of Spotify Technology worth $145,672,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. LPL Financial LLC boosted its holdings in shares of Spotify Technology by 32.5% in the fourth quarter. LPL Financial LLC now owns 83,364 shares of the company's stock worth $37,295,000 after acquiring an additional 20,426 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Spotify Technology by 28.9% in the fourth quarter. Vanguard Group Inc. now owns 885,795 shares of the company's stock worth $396,287,000 after acquiring an additional 198,718 shares during the period. Congress Wealth Management LLC DE boosted its holdings in shares of Spotify Technology by 51.0% in the fourth quarter. Congress Wealth Management LLC DE now owns 992 shares of the company's stock worth $444,000 after acquiring an additional 335 shares during the period. Prudential Financial Inc. boosted its stake in Spotify Technology by 128.3% during the fourth quarter. Prudential Financial Inc. now owns 13,676 shares of the company's stock valued at $6,118,000 after buying an additional 7,685 shares during the period. Finally, Meiji Yasuda Asset Management Co Ltd. bought a new stake in Spotify Technology during the fourth quarter valued at $464,000. Institutional investors own 84.09% of the company's stock.

Spotify Technology Trading Up 3.3%

SPOT traded up $20.62 during trading on Wednesday, hitting $640.63. 3,336,443 shares of the company traded hands, compared to its average volume of 2,314,250. The company has a market cap of $131.14 billion, a PE ratio of 106.20, a P/E/G ratio of 1.89 and a beta of 1.68. The stock's 50-day simple moving average is $701.34 and its two-hundred day simple moving average is $621.08. Spotify Technology has a 1 year low of $300.57 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its 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 firm had revenue of $4.41 billion during 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 company's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period last year, the firm posted $0.97 earnings per share. Equities analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SPOT. Bank of America lifted their price objective on Spotify Technology from $700.00 to $900.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Robert W. Baird raised their price target on Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Oppenheimer upgraded Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 price target on the stock in a research report on Thursday, July 24th. Benchmark decreased their price objective on Spotify Technology from $840.00 to $800.00 and set a "buy" rating on the stock in a report on Wednesday. Finally, Loop Capital lifted their price objective on Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a report on Friday, May 2nd. Nine research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and an average price target of $718.90.

About Spotify Technology

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.