Tokio Marine Asset Management Co. Ltd. Grows Stock Position in Spotify Technology (NYSE:SPOT)

Tokio Marine Asset Management Co. Ltd. boosted its stake in Spotify Technology (NYSE:SPOT) by 89.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,739 shares of the company’s stock after acquiring an additional 2,239 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Spotify Technology were worth $2,607,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd purchased a new position in Spotify Technology in the 1st quarter worth approximately $1,270,000. Dagco Inc. purchased a new position in Spotify Technology in the 1st quarter worth approximately $50,000. Central Asset Investments & Management Holdings HK Ltd boosted its holdings in Spotify Technology by 68.9% in the 1st quarter. Central Asset Investments & Management Holdings HK Ltd now owns 1,226 shares of the company’s stock worth $674,000 after acquiring an additional 500 shares during the period. Prudential PLC boosted its holdings in Spotify Technology by 211.8% in the 1st quarter. Prudential PLC now owns 18,406 shares of the company’s stock worth $10,124,000 after acquiring an additional 12,502 shares during the period. Finally, Westpac Banking Corp purchased a new position in shares of Spotify Technology during the 1st quarter valued at approximately $117,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $695.34 on Thursday. Spotify Technology has a 1-year low of $319.07 and a 1-year high of $785.00. The business’s fifty day moving average price is $703.17 and its two-hundred day moving average price is $633.91. The firm has a market capitalization of $142.34 billion, a PE ratio of 168.77, a P/E/G ratio of 2.98 and a beta of 1.69.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The company had revenue of $4.94 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period in the prior year, the business earned $1.33 earnings per share. Spotify Technology’s quarterly revenue was up 10.1% on a year-over-year basis. Equities research analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on SPOT shares. Benchmark reduced their target price on Spotify Technology from $840.00 to $800.00 and set a “buy” rating for the company in a research note on Wednesday, July 30th. UBS Group reduced their target price on Spotify Technology from $895.00 to $850.00 and set a “buy” rating for the company in a research note on Wednesday, July 30th. Pivotal Research increased their target price on Spotify Technology from $800.00 to $900.00 and gave the company a “buy” rating in a research note on Tuesday, June 17th. Oppenheimer upgraded Spotify Technology from a “market perform” rating to an “outperform” rating and set a $800.00 target price for the company in a research note on Thursday, July 24th. Finally, KeyCorp reduced their target price on Spotify Technology from $860.00 to $830.00 and set an “overweight” rating for the company in a research note on Wednesday, July 30th. Ten research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $718.90.

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.