Nordea Investment Management AB increased its position in shares of Spotify Technology S.A. (NYSE:SPOT – Get Rating) by 18.1% during the first quarter, Holdings Channel reports. The institutional investor owned 53,092 shares of the company’s stock after buying an additional 8,121 shares during the quarter. Nordea Investment Management AB’s holdings in Spotify Technology were worth $8,278,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in SPOT. UMB Bank N A MO acquired a new position in Spotify Technology in the fourth quarter valued at approximately $26,000. Lazard Asset Management LLC acquired a new position in Spotify Technology in the fourth quarter valued at approximately $26,000. MUFG Americas Holdings Corp acquired a new position in Spotify Technology in the fourth quarter valued at approximately $29,000. IFP Advisors Inc boosted its holdings in Spotify Technology by 71.6% in the fourth quarter. IFP Advisors Inc now owns 151 shares of the company’s stock valued at $35,000 after purchasing an additional 63 shares in the last quarter. Finally, Fifth Third Bancorp boosted its holdings in Spotify Technology by 55.0% in the fourth quarter. Fifth Third Bancorp now owns 155 shares of the company’s stock valued at $36,000 after purchasing an additional 55 shares in the last quarter. Hedge funds and other institutional investors own 56.36% of the company’s stock.
SPOT has been the subject of a number of research analyst reports. Morgan Stanley lowered their price target on Spotify Technology from $300.00 to $225.00 and set an “overweight” rating for the company in a report on Friday, April 8th. Deutsche Bank Aktiengesellschaft decreased their price objective on Spotify Technology from $140.00 to $115.00 in a report on Thursday, April 28th. Raymond James raised Spotify Technology from a “market perform” rating to an “outperform” rating and set a $150.00 price objective for the company in a report on Monday, June 6th. UBS Group decreased their price objective on Spotify Technology from $220.00 to $175.00 and set a “buy” rating for the company in a report on Thursday, April 28th. Finally, Wells Fargo & Company raised Spotify Technology from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $101.00 to $124.00 in a report on Wednesday, June 15th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Spotify Technology has a consensus rating of “Hold” and a consensus target price of $201.75.
Shares of SPOT stock opened at $107.00 on Friday. Spotify Technology S.A. has a fifty-two week low of $89.03 and a fifty-two week high of $305.60. The stock has a market cap of $20.35 billion, a P/E ratio of -150.70 and a beta of 1.79. The business has a fifty day simple moving average of $107.21 and a 200-day simple moving average of $153.77.
Spotify Technology (NYSE:SPOT – Get Rating) last announced its quarterly earnings results on Wednesday, April 27th. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.50. Spotify Technology had a return on equity of 3.02% and a net margin of 0.68%. The business had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same quarter last year, the business posted ($0.30) earnings per share. The business’s revenue for the quarter was up 23.9% on a year-over-year basis. Analysts forecast that Spotify Technology S.A. will post -0.78 EPS for the current year.
Spotify Technology Company Profile (Get Rating)
Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. 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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