Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Nordea Investment Management AB

Nordea Investment Management AB lessened its position in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 28.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 147,325 shares of the company's stock after selling 58,143 shares during the quarter. Nordea Investment Management AB owned about 0.07% of Spotify Technology worth $66,464,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SPOT. Prestige Wealth Management Group LLC acquired a new stake in Spotify Technology in the 3rd quarter valued at about $26,000. Benjamin Edwards Inc. increased its holdings in shares of Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company's stock valued at $27,000 after purchasing an additional 58 shares during the last quarter. Hobbs Group Advisors LLC purchased a new position in Spotify Technology during the third quarter worth approximately $33,000. Asset Dedication LLC acquired a new position in Spotify Technology during the second quarter worth $35,000. Finally, Larson Financial Group LLC boosted its stake in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company's stock worth $36,000 after buying an additional 33 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on SPOT. Barclays lifted their price target on Spotify Technology from $385.00 to $475.00 and gave the stock an "overweight" rating in a report on Wednesday, November 13th. KeyCorp boosted their target price on shares of Spotify Technology from $490.00 to $520.00 and gave the company an "overweight" rating in a report on Wednesday, November 13th. Morgan Stanley increased their price target on shares of Spotify Technology from $430.00 to $460.00 and gave the company an "overweight" rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a "buy" rating in a research report on Wednesday, November 6th. Finally, Phillip Securities reiterated an "accumulate" rating and issued a $485.00 price objective (up from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. One research 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 an average price target of $432.11.

Spotify Technology Price Performance

Shares of SPOT traded up $15.89 during midday trading on Wednesday, reaching $479.82. The stock had a trading volume of 2,153,790 shares, compared to its average volume of 1,489,046. The company has a market cap of $95.51 billion, a price-to-earnings ratio of 130.39 and a beta of 1.62. The company's fifty day simple moving average is $455.01 and its two-hundred day simple moving average is $381.45. Spotify Technology S.A. has a 1-year low of $191.88 and a 1-year high of $506.47.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts' consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm's quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 earnings per share. On average, sell-side analysts forecast that Spotify Technology S.A. will post 6.02 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.