Mitsubishi UFJ Trust & Banking Corp Reduces Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Mitsubishi UFJ Trust & Banking Corp cut its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 8.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 274,374 shares of the company’s stock after selling 25,250 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.14% of Spotify Technology worth $72,407,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Larson Financial Group LLC increased its position in shares of Spotify Technology by 86.0% during the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after acquiring an additional 43 shares during the last quarter. Pinnacle Bancorp Inc. purchased a new stake in Spotify Technology in the fourth quarter valued at approximately $29,000. GAMMA Investing LLC acquired a new position in Spotify Technology during the fourth quarter worth $32,000. FinTrust Capital Advisors LLC lifted its stake in Spotify Technology by 400.0% during the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Finally, Lindbrook Capital LLC boosted its position in shares of Spotify Technology by 32.3% during the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after buying an additional 50 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of NYSE:SPOT traded up $4.93 on Friday, reaching $295.09. The company’s stock had a trading volume of 1,782,350 shares, compared to its average volume of 1,524,965. Spotify Technology S.A. has a 52-week low of $129.23 and a 52-week high of $331.08. The stock has a market capitalization of $58.74 billion, a P/E ratio of -440.43, a PEG ratio of 0.77 and a beta of 1.59. The stock’s 50-day moving average is $308.29 and its two-hundred day moving average is $272.94.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. The company had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. During the same period in the previous year, the company posted ($1.24) EPS. Equities analysts forecast that Spotify Technology S.A. will post 5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SPOT shares. Citigroup boosted their price objective on Spotify Technology from $255.00 to $310.00 and gave the company a “neutral” rating in a report on Tuesday, May 7th. KeyCorp increased their price target on shares of Spotify Technology from $400.00 to $410.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. Pivotal Research lifted their price objective on shares of Spotify Technology from $390.00 to $400.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Rosenblatt Securities reaffirmed a “buy” rating and set a $396.00 target price on shares of Spotify Technology in a research note on Tuesday, June 4th. Finally, Benchmark raised their price target on shares of Spotify Technology from $325.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $323.22.

About Spotify Technology

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.