Sumitomo Mitsui Trust Holdings Inc. Has $73.53 Million Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Sumitomo Mitsui Trust Holdings Inc. reduced its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 15.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 391,296 shares of the company’s stock after selling 71,112 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.20% of Spotify Technology worth $73,528,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in SPOT. First Horizon Advisors Inc. lifted its position in shares of Spotify Technology by 195.0% during the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after purchasing an additional 117 shares in the last quarter. Pinnacle Bancorp Inc. bought a new position in shares of Spotify Technology during the fourth quarter valued at about $29,000. Quarry LP bought a new position in shares of Spotify Technology during the second quarter valued at about $35,000. First Manhattan Co. lifted its position in shares of Spotify Technology by 65.8% during the first quarter. First Manhattan Co. now owns 252 shares of the company’s stock valued at $38,000 after purchasing an additional 100 shares in the last quarter. Finally, Beaird Harris Wealth Management LLC lifted its position in shares of 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 in the last quarter. 84.09% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on SPOT shares. Benchmark raised their price target on shares of Spotify Technology from $260.00 to $290.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Pivotal Research boosted their target price on shares of Spotify Technology from $330.00 to $390.00 and gave the company a “buy” rating in a research note on Friday, April 5th. DZ Bank upgraded shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 target price on the stock in a research note on Wednesday, February 7th. HSBC started coverage on shares of Spotify Technology in a research note on Wednesday, March 27th. They issued a “buy” rating and a $310.00 target price on the stock. Finally, UBS Group boosted their target price on shares of Spotify Technology from $274.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, April 5th. Six analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $263.84.

Spotify Technology Stock Down 1.5 %

Spotify Technology stock opened at $293.68 on Thursday. The firm’s 50 day simple moving average is $265.25 and its 200 day simple moving average is $212.82. Spotify Technology S.A. has a 1-year low of $128.67 and a 1-year high of $313.16.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The business’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.43) EPS. As a group, analysts predict that Spotify Technology S.A. will post 3.51 earnings per share for the current year.

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.