Spotify Technology S.A. (NYSE:SPOT) Shares Bought by Nuveen Asset Management LLC

Nuveen Asset Management LLC grew its stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 98.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 645,705 shares of the company's stock after acquiring an additional 319,564 shares during the quarter. Nuveen Asset Management LLC owned about 0.32% of Spotify Technology worth $288,876,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of SPOT. Jennison Associates LLC purchased a new stake in shares of Spotify Technology in the 4th quarter valued at $1,335,575,000. GQG Partners LLC purchased a new stake in Spotify Technology in the fourth quarter valued at $800,725,000. Forsta AP Fonden acquired a new stake in Spotify Technology during the 4th quarter worth about $619,600,000. Geode Capital Management LLC raised its stake in shares of Spotify Technology by 561.6% during the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after buying an additional 1,259,183 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Spotify Technology in the 4th quarter valued at about $396,028,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 1.1%

Shares of Spotify Technology stock traded down $7.20 during mid-day trading on Tuesday, hitting $657.42. 642,607 shares of the stock were exchanged, compared to its average volume of 2,190,128. The stock has a market capitalization of $134.58 billion, a price-to-earnings ratio of 110.63 and a beta of 1.72. The company has a 50-day simple moving average of $588.18 and a 200 day simple moving average of $536.48. Spotify Technology S.A. has a twelve month low of $288.07 and a twelve month high of $669.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted 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 business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The company's quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.97 EPS. Equities research analysts forecast that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on SPOT shares. Canaccord Genuity Group lifted their price target on Spotify Technology from $700.00 to $775.00 and gave the company a "buy" rating in a research report on Tuesday. China Renaissance assumed coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They issued a "buy" rating and a $740.00 target price for the company. Phillip Securities upgraded shares of Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. Rosenblatt Securities lowered their target price on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 30th. Finally, UBS Group cut their price target on Spotify Technology from $690.00 to $680.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, Spotify Technology has a consensus rating of "Moderate Buy" and a consensus target price of $609.07.

Spotify Technology Company 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.