Sumitomo Mitsui Trust Group Inc. trimmed its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 9.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 444,351 shares of the company's stock after selling 47,915 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.22% of Spotify Technology worth $163,757,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the stock. WCM Investment Management LLC boosted its stake in shares of Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company's stock valued at $1,430,142,000 after purchasing an additional 605,755 shares in the last quarter. GQG Partners LLC purchased a new position in shares of Spotify Technology in the 1st quarter valued at $610,040,000. Bamco Inc. NY raised its position in shares of Spotify Technology by 28.3% in the 1st quarter. Bamco Inc. NY now owns 864,584 shares of the company's stock worth $228,164,000 after acquiring an additional 190,931 shares in the last quarter. Swedbank AB lifted its stake in shares of Spotify Technology by 13.2% during the 2nd quarter. Swedbank AB now owns 852,526 shares of the company's stock worth $267,514,000 after purchasing an additional 99,730 shares during the last quarter. Finally, Perpetual Ltd boosted its position in Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company's stock valued at $279,965,000 after purchasing an additional 148,431 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.
Spotify Technology Stock Up 11.4 %
SPOT stock traded up $47.95 during mid-day trading on Wednesday, reaching $467.34. The company had a trading volume of 12,045,073 shares, compared to its average volume of 1,916,959. The firm has a fifty day simple moving average of $369.70 and a 200 day simple moving average of $334.73. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. Spotify Technology S.A. has a fifty-two week low of $170.62 and a fifty-two week high of $473.00. The company has a market capitalization of $93.03 billion, a price-to-earnings ratio of 127.00 and a beta of 1.56.
Analysts Set New Price Targets
Several analysts have commented on SPOT shares. Wells Fargo & Company increased their price target on shares of Spotify Technology from $470.00 to $520.00 and gave the company an "overweight" rating in a research report on Wednesday. The Goldman Sachs Group upgraded shares of Spotify Technology from a "neutral" rating to a "buy" rating and raised their target price for the company from $320.00 to $425.00 in a research note on Wednesday, July 24th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $340.00 price target on shares of Spotify Technology in a research report on Monday, October 7th. Evercore ISI raised their price objective on Spotify Technology from $420.00 to $460.00 and gave the stock an "outperform" rating in a research report on Thursday, August 29th. Finally, Morgan Stanley boosted their target price on Spotify Technology from $430.00 to $460.00 and gave the stock an "overweight" rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $412.72.
View Our Latest Stock Analysis on Spotify Technology
About Spotify Technology
(
Free Report)
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.
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