Mitsubishi UFJ Trust & Banking Corp Sells 13,544 Shares of Spotify Technology (NYSE:SPOT)

Key Points

• Mitsubishi UFJ Trust & Banking Corp reduced its investment in Spotify Technology by 6.4%, owning 197,906 shares worth approximately $108.85 million as of the latest report.
• Spotify's Q2 earnings fell short of expectations, reporting $1.13 EPS against estimates of $2.29, despite a revenue increase of 15.2% year-over-year to $4.41 billion.
• A majority of analysts maintain a positive outlook on Spotify, with a consensus rating of "Moderate Buy" and an average target price of approximately $718.90.

Mitsubishi UFJ Trust & Banking Corp lowered its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 6.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 197,906 shares of the company's stock after selling 13,544 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned 0.10% of Spotify Technology worth $108,854,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in SPOT. Jennison Associates LLC boosted its holdings in shares of Spotify Technology by 42.3% in the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock valued at $2,336,494,000 after purchasing an additional 1,262,614 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after purchasing an additional 1,259,183 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Spotify Technology by 325.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock valued at $503,316,000 after purchasing an additional 861,232 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Spotify Technology by 103.7% in the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock valued at $638,367,000 after purchasing an additional 726,245 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Spotify Technology by 75,856.5% in the 1st quarter. GAMMA Investing LLC now owns 717,789 shares of the company's stock valued at $394,805,000 after purchasing an additional 716,844 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Stock Performance

Shares of SPOT traded up $33.22 on Monday, hitting $660.37. 3,763,396 shares of the stock traded hands, compared to its average volume of 2,514,255. The company has a market capitalization of $135.18 billion, a PE ratio of 160.28, a P/E/G ratio of 2.71 and a beta of 1.69. The business has a 50 day simple moving average of $700.71 and a 200 day simple moving average of $625.45. Spotify Technology has a one year low of $300.57 and a one year high of $785.00.

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 the consensus estimate of $2.00 by ($2.42). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The company had revenue of $4.94 billion during the quarter, compared to analysts' expectations of $4.29 billion. During the same quarter in the prior year, the business posted $1.33 EPS. The company's revenue for the quarter was up 10.1% compared to the same quarter last year. On average, equities analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several analyst reports. The Goldman Sachs Group raised their target price on Spotify Technology from $680.00 to $775.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Sanford C. Bernstein boosted their target price on Spotify Technology from $825.00 to $840.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Oppenheimer upgraded Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 price objective on the stock in a research note on Thursday, July 24th. Rosenblatt Securities lowered their target price on shares of Spotify Technology from $703.00 to $679.00 and set a "neutral" rating on the stock in a report on Wednesday, July 30th. Finally, Robert W. Baird boosted their target price on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Nine equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price 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.