Swedbank AB Sells 70,023 Shares of Spotify Technology S.A. (NYSE:SPOT)

Swedbank AB lowered its position in shares of Spotify Technology S.A. (NYSE:SPOTFree Report) by 8.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 782,503 shares of the company’s stock after selling 70,023 shares during the quarter. Swedbank AB owned 0.39% of Spotify Technology worth $288,376,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Transcendent Capital Group LLC bought a new position in Spotify Technology during the second quarter valued at about $25,000. Benjamin Edwards Inc. increased its stake in shares of Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Larson Financial Group LLC raised its holdings in shares of Spotify Technology by 86.0% in the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after purchasing an additional 43 shares during the period. Mather Group LLC. lifted its stake in Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after purchasing an additional 99 shares during the last quarter. Finally, Asset Dedication LLC bought a new position in Spotify Technology during the second quarter valued at $35,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

NYSE SPOT traded down $0.18 on Tuesday, reaching $372.32. 679,193 shares of the company’s stock traded hands, compared to its average volume of 1,872,086. The stock has a market cap of $74.11 billion, a PE ratio of 152.02 and a beta of 1.58. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. Spotify Technology S.A. has a 12 month low of $145.76 and a 12 month high of $389.23. The stock has a 50-day simple moving average of $349.34 and a 200 day simple moving average of $320.50.

Spotify Technology (NYSE:SPOTGet Free Report) last issued its earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same quarter last year, the company earned ($1.69) EPS. The firm’s revenue was up 19.8% compared to the same quarter last year. As a group, research analysts predict that Spotify Technology S.A. will post 6.24 earnings per share for the current year.

Analyst Ratings Changes

SPOT has been the topic of several research reports. Cantor Fitzgerald restated a “neutral” rating and issued a $340.00 target price on shares of Spotify Technology in a research note on Monday, October 7th. Benchmark reiterated a “buy” rating and set a $405.00 target price on shares of Spotify Technology in a research report on Monday, July 22nd. Barclays boosted their price target on shares of Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. JPMorgan Chase & Co. raised their price objective on shares of Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $385.00 target price (up previously from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $359.14.

Get Our Latest Report on Spotify Technology

Spotify Technology Profile

(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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Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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