Spotify Technology S.A. (NYSE:SPOT) Shares Purchased by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 28.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 501,072 shares of the company’s stock after purchasing an additional 109,776 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.25% of Spotify Technology worth $132,233,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pinnacle Bancorp Inc. acquired a new stake in shares of Spotify Technology in the 4th quarter worth approximately $29,000. GAMMA Investing LLC acquired a new stake in Spotify Technology during the fourth quarter valued at approximately $32,000. Lindbrook Capital LLC lifted its stake in Spotify Technology by 32.3% during the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after purchasing an additional 50 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in Spotify Technology during the first quarter valued at approximately $40,000. Finally, Beaird Harris Wealth Management LLC lifted its stake in Spotify Technology by 2,540.0% during the third quarter. Beaird Harris Wealth Management LLC now owns 264 shares of the company’s stock valued at $41,000 after purchasing an additional 254 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SPOT. UBS Group boosted their price target on shares of Spotify Technology from $274.00 to $375.00 and gave the company a “buy” rating in a report on Friday, April 5th. Piper Sandler restated a “neutral” rating and set a $320.00 price target (up previously from $300.00) on shares of Spotify Technology in a report on Wednesday, April 24th. Barclays upped their price objective on shares of Spotify Technology from $335.00 to $350.00 and gave the company an “overweight” rating in a research note on Wednesday, April 24th. Bank of America upped their price objective on shares of Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, HSBC upped their price objective on shares of Spotify Technology from $310.00 to $355.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Eight equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $311.88.

Spotify Technology Trading Down 0.4 %

Shares of NYSE SPOT traded down $1.13 during midday trading on Wednesday, reaching $314.42. The company’s stock had a trading volume of 224,932 shares, compared to its average volume of 1,945,713. Spotify Technology S.A. has a fifty-two week low of $129.23 and a fifty-two week high of $331.08. The stock has a market capitalization of $59.80 billion, a price-to-earnings ratio of -471.63 and a beta of 1.59. The stock has a 50 day simple moving average of $304.67 and a 200-day simple moving average of $262.14.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. The business had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same period in the previous year, the company earned ($1.24) earnings per share. As a group, equities analysts anticipate that Spotify Technology S.A. will post 4.95 EPS for the current year.

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.