Sumitomo Mitsui Trust Group Inc. Lowers Stock Position in Spotify Technology $SPOT

Key Points

• Sumitomo Mitsui Trust Group Inc. has decreased its stake in Spotify Technology ($SPOT) by 8.7%, owning 625,003 shares valued at approximately $479.6 million after selling 59,256 shares.
• Spotify reported a quarterly loss of ($0.42) per share, missing estimates by ($2.42), although revenue increased by 10.1% year-over-year to $4.94 billion.
• Analysts have mixed outlooks on Spotify, with BNP Paribas issuing a "strong-buy" rating and other firms adjusting price targets, including UBS cutting its target from $895.00 to $850.00.

Sumitomo Mitsui Trust Group Inc. trimmed its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 8.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 625,003 shares of the company's stock after selling 59,256 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.31% of Spotify Technology worth $479,590,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SPOT. GAMMA Investing LLC lifted its holdings in 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 purchasing an additional 360 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in Spotify Technology by 16.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock valued at $4,699,000 after purchasing an additional 1,179 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in Spotify Technology by 7.4% during the first quarter. Oppenheimer Asset Management Inc. now owns 7,864 shares of the company's stock valued at $4,325,000 after purchasing an additional 543 shares in the last quarter. Oppenheimer & Co. Inc. lifted its holdings in Spotify Technology by 523.7% during the first quarter. Oppenheimer & Co. Inc. now owns 2,863 shares of the company's stock valued at $1,575,000 after purchasing an additional 2,404 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its stake in shares of Spotify Technology by 3.3% in the first quarter. International Assets Investment Management LLC now owns 866 shares of the company's stock worth $476,000 after buying an additional 28 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

Shares of SPOT opened at $673.36 on Friday. The stock has a market cap of $137.84 billion, a PE ratio of 163.44, a P/E/G ratio of 3.22 and a beta of 1.67. The firm has a 50-day simple moving average of $698.26 and a two-hundred day simple moving average of $674.80. Spotify Technology has a 1-year low of $376.00 and a 1-year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). The business had revenue of $4.94 billion during 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 revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.33 EPS. Spotify Technology has set its Q3 2025 guidance at EPS. As a group, sell-side analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on SPOT. BNP Paribas raised shares of Spotify Technology to a "strong-buy" rating in a research note on Tuesday, September 16th. BNP Paribas Exane started coverage on shares of Spotify Technology in a research note on Tuesday, September 16th. They issued an "outperform" rating and a $900.00 price target on the stock. UBS Group cut their price objective on shares of Spotify Technology from $895.00 to $850.00 and set a "buy" rating for the company in a research report on Wednesday, July 30th. Bank of America raised their price objective on shares of Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. Finally, Sanford C. Bernstein raised their price objective on shares of Spotify Technology from $825.00 to $840.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and twelve have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $731.16.

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.

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