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

Nordea Investment Management AB decreased its holdings in Spotify Technology S.A. (NYSE:SPOT) by 28.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 147,325 shares of the company’s stock after selling 58,143 shares during the period. Nordea Investment Management AB owned approximately 0.07% of Spotify Technology worth $66,464,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. WCM Investment Management LLC raised its stake in Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Spotify Technology by 3.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after buying an additional 102,786 shares during the period. State Street Corp lifted its holdings in Spotify Technology by 1.5% in the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after acquiring an additional 28,864 shares during the last quarter. FMR LLC grew its position in Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after acquiring an additional 297,035 shares during the period. Finally, Two Sigma Advisers LP grew its position in Spotify Technology by 19.0% in the third quarter. Two Sigma Advisers LP now owns 980,000 shares of the company’s stock worth $361,159,000 after acquiring an additional 156,300 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $462.85 on Wednesday. Spotify Technology S.A. has a 12 month low of $191.88 and a 12 month high of $506.47. The firm has a market capitalization of $92.13 billion, a P/E ratio of 125.77 and a beta of 1.62. The company’s fifty day moving average price is $455.01 and its 200 day moving average price is $381.45.

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

Analysts Set New Price Targets

SPOT has been the topic of several recent analyst reports. Pivotal Research upped their price target on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group upped their target price on shares of Spotify Technology from $430.00 to $490.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Benchmark 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 Monday, November 11th. JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, Macquarie lifted their target price on shares of Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $429.96.

About Spotify Technology

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.