Sumitomo Mitsui Trust Group Inc. boosted its stake in Spotify Technology (NYSE:SPOT - Free Report) by 5.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 684,259 shares of the company's stock after purchasing an additional 36,799 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.33% of Spotify Technology worth $376,363,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of SPOT. Mpwm Advisory Solutions LLC bought a new stake in shares of Spotify Technology in the fourth quarter worth about $26,000. Hillsdale Investment Management Inc. bought a new stake in shares of Spotify Technology in the fourth quarter worth about $27,000. Tsfg LLC bought a new stake in Spotify Technology in the first quarter worth $28,000. Copia Wealth Management bought a new stake in Spotify Technology in the fourth quarter worth $29,000. Finally, North Star Investment Management Corp. lifted its position in Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after purchasing an additional 19 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.
Analyst Upgrades and Downgrades
A number of research firms have recently weighed in on SPOT. Canaccord Genuity Group restated a "buy" rating on shares of Spotify Technology in a report on Friday, June 6th. UBS Group boosted their price objective on Spotify Technology from $680.00 to $895.00 and gave the stock a "buy" rating in a research note on Friday. Barclays decreased their price objective on Spotify Technology from $710.00 to $650.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 30th. Redburn Atlantic assumed coverage on Spotify Technology in a report on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 target price for the company. Finally, Evercore ISI increased their price target on Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a report on Monday, June 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $654.93.
Get Our Latest Report on SPOT
Spotify Technology Trading Down 0.4%
Shares of NYSE SPOT traded down $3.39 on Friday, reaching $772.52. 2,792,218 shares of the company traded hands, compared to its average volume of 1,528,977. Spotify Technology has a fifty-two week low of $288.07 and a fifty-two week high of $785.00. The company has a 50 day moving average of $664.99 and a 200 day moving average of $584.00. The stock has a market capitalization of $158.14 billion, a PE ratio of 128.13, a P/E/G ratio of 2.03 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 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business's revenue was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.97 earnings per share. As a group, research analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.
Spotify Technology Company Profile
(
Free Report)
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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