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

Sumitomo Mitsui Trust Group Inc. boosted its stake in Spotify Technology S.A. (NYSE:SPOT) by 45.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 647,460 shares of the company’s stock after purchasing an additional 203,109 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.33% of Spotify Technology worth $289,661,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of SPOT. Aigen Investment Management LP grew its stake in shares of Spotify Technology by 42.4% during the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after buying an additional 2,918 shares during the period. Jennison Associates LLC purchased a new stake in Spotify Technology during the fourth quarter valued at about $1,335,575,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in Spotify Technology during the fourth quarter worth about $214,000. Pathway Capital Management LP increased its stake in Spotify Technology by 23.8% during the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after acquiring an additional 11,042 shares during the last quarter. Finally, Perpetual Ltd raised its holdings in shares of Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after purchasing an additional 148,431 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Down 0.1 %

Shares of NYSE SPOT opened at $625.67 on Friday. The company has a market capitalization of $124.54 billion, a price-to-earnings ratio of 170.02 and a beta of 1.63. Spotify Technology S.A. has a twelve month low of $227.52 and a twelve month high of $630.77. The business has a 50 day simple moving average of $488.02 and a 200-day simple moving average of $410.89.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same period last year, the company posted $0.36 earnings per share. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, equities analysts predict that Spotify Technology S.A. will post 5.91 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SPOT. Rosenblatt Securities reiterated a “neutral” rating and set a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday. KeyCorp boosted their price objective on shares of Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. TD Cowen raised their target price on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. Morgan Stanley upped their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Barclays raised their price objective on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $514.79.

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.