Nomura Asset Management Co. Ltd. Raises Position in Spotify Technology $SPOT

Key Points

• Nomura Asset Management increased its Spotify stake by 4.0% in the fourth quarter, adding 2,066 shares to bring its total holding to 53,668 shares worth about $31.2 million.
• Several other major institutional investors also raised their positions, and overall 84.09% of Spotify’s stock is owned by hedge funds and other institutions.
• Spotify reported strong quarterly results, with EPS of $4.04 beating estimates and revenue of $5.25 billion topping expectations; analysts currently rate the stock Moderate Buy with an average price target of $655.92.

Nomura Asset Management Co. Ltd. boosted its stake in Spotify Technology (NYSE:SPOT - Free Report) by 4.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 53,668 shares of the company's stock after buying an additional 2,066 shares during the quarter. Nomura Asset Management Co. Ltd.'s holdings in Spotify Technology were worth $31,166,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. State Street Corp lifted its stake in Spotify Technology by 1.1% in the 3rd quarter. State Street Corp now owns 4,622,298 shares of the company's stock valued at $3,226,364,000 after buying an additional 48,070 shares in the last quarter. Capital World Investors lifted its stake in Spotify Technology by 40.7% in the 3rd quarter. Capital World Investors now owns 2,730,713 shares of the company's stock valued at $1,906,260,000 after buying an additional 789,755 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Spotify Technology by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company's stock valued at $1,547,890,000 after buying an additional 62,887 shares in the last quarter. Coatue Management LLC lifted its stake in Spotify Technology by 13.3% in the 3rd quarter. Coatue Management LLC now owns 1,803,173 shares of the company's stock worth $1,258,615,000 after purchasing an additional 212,006 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Spotify Technology by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 1,720,259 shares of the company's stock worth $991,223,000 after purchasing an additional 93,274 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SPOT has been the topic of a number of research reports. Citizens Jmp raised their target price on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a "market outperform" rating in a research note on Friday, May 22nd. Canaccord Genuity Group decreased their target price on shares of Spotify Technology from $750.00 to $720.00 and set a "buy" rating on the stock in a research note on Wednesday, April 29th. Weiss Ratings raised shares of Spotify Technology from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, May 4th. JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an "overweight" rating in a research note on Friday, May 22nd. Finally, Arete Research raised shares of Spotify Technology from a "neutral" rating to a "buy" rating and set a $586.00 target price on the stock in a research note on Thursday, February 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $655.92.

Spotify Technology Stock Performance

SPOT stock opened at $509.57 on Tuesday. The firm has a market cap of $104.91 billion, a PE ratio of 40.60, a PEG ratio of 1.21 and a beta of 1.55. The firm's 50 day moving average price is $479.99 and its 200-day moving average price is $518.34. Spotify Technology has a one year low of $405.00 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating the consensus estimate of $3.41 by $0.63. The firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The business's revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.07 EPS. Equities research analysts predict that Spotify Technology will post 14.72 EPS for the current fiscal year.

Insider Activity

In other news, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the sale, the director owned 4,039 shares of the company's stock, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the sale, the chief executive officer owned 69,989 shares of the company's stock, valued at $33,560,425.39. This trade represents a 7.21% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 90,609 shares of company stock worth $44,303,507. 0.40% of the stock is owned by company insiders.

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.

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