Nordea Investment Management AB Trims Position in Spotify Technology S.A. (NYSE:SPOT)

Nordea Investment Management AB decreased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 28.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 147,325 shares of the company’s stock after selling 58,143 shares during the quarter. Nordea Investment Management AB’s holdings in Spotify Technology were worth $66,464,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Commonwealth Equity Services LLC boosted its stake in shares of Spotify Technology by 16.8% in the second quarter. Commonwealth Equity Services LLC now owns 13,485 shares of the company’s stock valued at $4,231,000 after buying an additional 1,936 shares in the last quarter. National Bank of Canada FI raised its position in shares of Spotify Technology by 3.0% in the second quarter. National Bank of Canada FI now owns 2,489 shares of the company’s stock valued at $781,000 after buying an additional 73 shares during the last quarter. Private Advisor Group LLC raised its position in shares of Spotify Technology by 118.3% in the second quarter. Private Advisor Group LLC now owns 3,023 shares of the company’s stock valued at $949,000 after buying an additional 1,638 shares during the last quarter. Strategic Financial Concepts LLC acquired a new stake in Spotify Technology during the second quarter worth approximately $104,000. Finally, Asset Dedication LLC acquired a new stake in Spotify Technology during the second quarter worth approximately $35,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SPOT shares. Morgan Stanley lifted their price objective on Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Cantor Fitzgerald restated a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a report on Monday, October 7th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Macquarie upped their price target on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Finally, Barclays increased their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $429.96.

Spotify Technology Stock Performance

NYSE:SPOT opened at $462.85 on Wednesday. Spotify Technology S.A. has a one year low of $191.88 and a one year high of $506.47. The business’s 50-day simple moving average is $455.01 and its 200 day simple moving average is $381.45. The stock has a market cap of $92.13 billion, a price-to-earnings ratio of 125.77 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). The business had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.36 earnings per share. On average, equities research analysts predict that Spotify Technology S.A. will post 6.02 EPS 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.