Nordea Investment Management AB strengthens its position in Spotify Technology SA (NYSE: SPOT)

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Nordea Investment Management AB increased its position in shares of Spotify Technology SA (NYSE: SPOT – Get Rating) by 18.1% during the first quarter, Holdings Channel reports. The institutional investor held 53,092 shares of the company after purchasing an additional 8,121 shares during the quarter. Nordea Investment Management AB’s holdings in Spotify Technology were worth $8,278,000 when it last filed with the SEC.

Several other hedge funds have also recently increased or reduced their stake in SPOT. UMB Bank NA MO acquired a new position in Spotify Technology in the fourth quarter worth approximately $26,000. Lazard Asset Management LLC acquired a new position in Spotify Technology in the fourth quarter worth approximately $26,000. MUFG Americas Holdings Corp acquired a new position in Spotify Technology in the fourth quarter worth approximately $29,000. IFP Advisors Inc increased its stake in Spotify Technology by 71.6% in the fourth quarter. IFP Advisors Inc now owns 151 shares of the company valued at $35,000 after buying 63 additional shares in the last quarter. Finally, Fifth Third Bancorp increased its holdings in Spotify Technology by 55.0% in the fourth quarter. Fifth Third Bancorp now owns 155 shares of the company valued at $36,000 after buying 55 more shares in the last quarter. Hedge funds and other institutional investors own 56.36% of the company’s shares.

SPOT has been the subject of a number of research analyst reports. Morgan Stanley lowered its price target on Spotify Technology from $300.00 to $225.00 and set an “overweight” rating for the company in a Friday, April 8 report. Deutsche Bank Aktiengesellschaft cut its price target on Spotify Technology from $140.00 to $115.00 in a Thursday, April 28 report. Raymond James upgraded Spotify Technology from a “market performer” rating to an “outperformer” rating and set a price target of $150.00 for the company in a Monday, June 6 report. UBS Group lowered its price target on Spotify Technology from $220.00 to $175.00 and set a “buy” rating for the company in a Thursday, April 28 report. Finally, Wells Fargo & Company upgraded Spotify Technology from an “underweight” rating to an “equal weight” rating and raised its price target for the company from $101.00 to $124.00 in a report. Wednesday, June 15. One analyst rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned the company a buy rating. According to MarketBeat, Spotify Technology has a consensus rating of “Hold” and a consensus target price of $201.75.

Shares of SPOT opened at $107.00 on Friday. Spotify Technology SA has a fifty-two week low of $89.03 and a fifty-two week high of $305.60. The stock has a market capitalization of $20.35 billion, a P/E ratio of -150.70 and a beta of 1.79. The company has a fifty-day simple moving average of $107.21 and a 200-day simple moving average of $153.77.

Spotify Technology (NYSE:SPOT – Get Rating) last reported quarterly results on Wednesday, April 27. The company reported earnings per share of $0.24 for the quarter, beating analyst consensus estimates of ($0.26) by $0.50. Spotify Technology had a return on equity of 3.02% and a net margin of 0.68%. The company posted revenue of $2.66 billion in the quarter, versus $2.61 billion expected by analysts. In the same quarter last year, the company posted ($0.30) earnings per share. The company’s revenue for the quarter increased 23.9% year over year. Analysts expect Spotify Technology SA to post -0.78 EPS for the current year.

Spotify Technology Company Profile (Get a rating)

Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its commercial-free music and podcast catalog to its subscribers.

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Want to see which other hedge funds hold SPOT? Visit HoldingsChannel.com for the latest 13F filings and insider trading for Spotify Technology SA (NYSE: SPOT – Get Rating).

Institutional ownership by quarter for Spotify technology (NYSE: SPOT)



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