Nordea Investment Management AB increased its position in shares of Spotify Technology SA (NYSE: SPOT – Get Rating) by 18.1% in the first quarter, according to Holdings Channel. The institutional investor owns 53,092 shares of the company’s shares after purchasing an additional 8,121 shares during the quarter. Nordea Investment Management AB owned Spotify Technology at $ 8,278,000 at its last SEC filing.
Several other hedge funds have also recently added or reduced their stakes in SPOT. UMB Bank NA MO acquired a new position in Spotify Technology in the fourth quarter worth approximately $ 26,000. Lazard Asset Management LLC acquired a new position in Spotify Technology in the fourth quarter worth approximately $ 26,000. MUFG Americas Holdings Corp. acquired a new position in Spotify Technology in the fourth quarter worth approximately $ 29,000. IFP Advisors Inc increased its stake in Spotify Technology by 71.6% in the fourth quarter. IFP Advisors Inc now owns 151 shares of the company’s stock worth $ 35,000 after buying an additional 63 shares in the last quarter. Finally, Fifth Third Bancorp increased its stake in Spotify Technology by 55.0% in the fourth quarter. Fifth Third Bancorp now owns 155 shares of the company’s $ 36,000 worth of shares after buying an additional 55 shares in the last quarter. Hedge funds and other institutional investors own 56.36% of the company’s shares.
SPOT has been the subject of a number of analyst reports. Morgan Stanley lowered its target for Spotify Technology from $ 300.00 to $ 225.00 and set a rating for the company’s “overweight” in a report on Friday, April 8. Deutsche Bank Aktiengesellschaft lowered its price target for Spotify Technology from $ 140.00 to $ 115.00 in a report on Thursday, April 28. Raymond James upgraded Spotify Technology from a “market performance” rating to a “superior” rating and set a price of $ 150.00 for the company in a report on Monday, June 6. UBS Group lowered its price target for Spotify Technology from $ 220.00 to $ 175.00 and set a buy rating for the company in a report on Thursday, April 28. Finally, Wells Fargo & Company upgraded Spotify Technology from an underweight rating to an equal weight rating and increased its price target for the company from $ 101.00 to $ 124.00 in a report on Wednesday (June 15th). One analyst rated the shares with a sell rating, eleven issued a hold rating and thirteen assigned a buy rating to the company. According to MarketBeat, Spotify Technology has a consensus hold rating and a consensus target price of $ 201.75.
Shares of SPOT opened at $ 107.00 on Friday. Spotify Technology SA has a fifty-two weekly low of $ 89.03 and a fifty-two week high of $ 305.60. The shares have a market capitalization of $ 20.35 billion, a P / E ratio of -150.70 and a beta ratio of 1.79. The business has a 50-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 earnings of $ 0.24 per share for the quarter, beating analysts’ consensus estimates of $ 0.26 by $ 0.50. Spotify Technology has a return on equity of 3.02% and a net profit of 0.68%. The business had revenue of $ 2.66 billion in the quarter, compared to analysts’ expectations of $ 2.61 billion. In the same quarter last year, the business reported ($ 0.30) earnings per share. Business revenues for the quarter increased by 23.9% on an annual basis. Analysts predict that Spotify Technology SA will report -0.78 EPS for the current year.
Company profile Spotify Technology (Get a rating)
Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It works through the Premium and Ad-Supported segments. The premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without advertising breaks for its subscribers.
Want to see what other hedge funds hold SPOT? Visit HoldingsChannel.com to get the latest 13F requests and internal deals for Spotify Technology SA (NYSE: SPOT).
Receive news and reviews for Spotify Technology Daily – Enter your email address below to receive a brief daily summary of the latest news and analyst ratings for Spotify Technology and related companies with the FREE Daily Email Newsletter at MarketBeat.com.