Sumitomo Mitsui Trust Holdings Inc. Lowers Stake in Spotify Technology S.A. (NYSE:SPOT)

Sumitomo Mitsui Trust Holdings Inc. reduced its position in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 15.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 391,296 shares of the company's stock after selling 71,112 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.20% of Spotify Technology worth $73,528,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Lecap Asset Management Ltd. purchased a new stake in Spotify Technology in the 4th quarter valued at $602,000. Simplicity Solutions LLC grew its holdings in Spotify Technology by 15.2% in the 4th quarter. Simplicity Solutions LLC now owns 1,550 shares of the company's stock valued at $291,000 after buying an additional 204 shares in the last quarter. Perigon Wealth Management LLC grew its holdings in Spotify Technology by 2.8% in the 4th quarter. Perigon Wealth Management LLC now owns 5,851 shares of the company's stock valued at $1,099,000 after buying an additional 160 shares in the last quarter. Helios Capital Management PTE. Ltd. purchased a new stake in Spotify Technology in the 4th quarter valued at $2,743,000. Finally, LB Partners LLC purchased a new stake in Spotify Technology in the 4th quarter valued at $4,698,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Shares of NYSE SPOT traded down $4.38 during midday trading on Thursday, hitting $289.20. 2,014,237 shares of the company's stock were exchanged, compared to its average volume of 1,906,668. Spotify Technology S.A. has a twelve month low of $128.67 and a twelve month high of $313.16. The company has a market cap of $57.36 billion, a PE ratio of -97.70 and a beta of 1.63. The firm's fifty day simple moving average is $266.24 and its 200-day simple moving average is $213.35.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.01. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the company earned ($1.43) EPS. The business's quarterly revenue was up 16.0% on a year-over-year basis. Equities analysts anticipate that Spotify Technology S.A. will post 3.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SPOT shares. Barclays upped their target price on Spotify Technology from $270.00 to $335.00 and gave the company an "overweight" rating in a report on Wednesday, April 10th. DZ Bank upgraded Spotify Technology from a "sell" rating to a "hold" rating and set a $240.00 price target for the company in a report on Wednesday, February 7th. Rosenblatt Securities increased their price target on Spotify Technology from $300.00 to $315.00 and gave the stock a "buy" rating in a report on Wednesday, February 7th. JPMorgan Chase & Co. increased their price target on Spotify Technology from $280.00 to $320.00 and gave the stock an "overweight" rating in a report on Monday, April 8th. Finally, Wells Fargo & Company increased their price target on Spotify Technology from $250.00 to $280.00 and gave the stock an "overweight" rating in a report on Wednesday, January 31st. Six analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $265.24.

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.