Sumitomo Mitsui Trust Holdings Inc. Sells 71,112 Shares of Spotify Technology S.A. (NYSE:SPOT)

Sumitomo Mitsui Trust Holdings Inc. lessened its holdings in Spotify Technology S.A. (NYSE:SPOT) by 15.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 391,296 shares of the company’s stock after selling 71,112 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Spotify Technology were worth $73,528,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Cetera Advisor Networks LLC increased its position in Spotify Technology by 142.4% during the first quarter. Cetera Advisor Networks LLC now owns 3,071 shares of the company’s stock valued at $464,000 after acquiring an additional 1,804 shares during the last quarter. Private Advisor Group LLC increased its position in Spotify Technology by 19.8% during the first quarter. Private Advisor Group LLC now owns 4,909 shares of the company’s stock valued at $741,000 after acquiring an additional 811 shares during the last quarter. BlackRock Inc. increased its position in Spotify Technology by 6.3% during the first quarter. BlackRock Inc. now owns 4,046,153 shares of the company’s stock valued at $611,049,000 after acquiring an additional 241,026 shares during the last quarter. Cibc World Market Inc. boosted its stake in shares of Spotify Technology by 22.4% during the first quarter. Cibc World Market Inc. now owns 4,823 shares of the company’s stock valued at $728,000 after purchasing an additional 883 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Spotify Technology by 68.6% during the first quarter. Dimensional Fund Advisors LP now owns 190,255 shares of the company’s stock valued at $28,735,000 after purchasing an additional 77,379 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

SPOT opened at $293.68 on Thursday. Spotify Technology S.A. has a 52-week low of $128.67 and a 52-week high of $313.16. The firm’s 50-day moving average price is $265.25 and its 200-day moving average price is $212.82.

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

Wall Street Analyst Weigh In

SPOT has been the subject of a number of recent analyst reports. 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. DZ Bank raised shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 target price for the company in a research note on Wednesday, February 7th. Benchmark boosted their target price on shares of Spotify Technology from $260.00 to $290.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. JPMorgan Chase & Co. boosted their target price on shares of Spotify Technology from $280.00 to $320.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Finally, Morgan Stanley upped their price objective on shares of Spotify Technology from $250.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. Six investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $263.84.

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.