Nomura Asset Management Co. Ltd. Increases Position in Spotify Technology $SPOT

Nomura Asset Management Co. Ltd. raised its position in Spotify Technology (NYSE:SPOT) by 4.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 53,668 shares of the company’s stock after purchasing an additional 2,066 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Spotify Technology were worth $31,166,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SPOT. Norges Bank purchased a new stake in Spotify Technology in the fourth quarter valued at approximately $711,460,000. Capital World Investors raised its position in Spotify Technology by 40.7% in the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock valued at $1,906,260,000 after purchasing an additional 789,755 shares during the period. Capital Research Global Investors purchased a new stake in Spotify Technology in the third quarter valued at approximately $512,190,000. National Pension Service acquired a new position in shares of Spotify Technology in the fourth quarter worth $316,278,000. Finally, Swedbank AB grew its stake in shares of Spotify Technology by 37.9% in the fourth quarter. Swedbank AB now owns 1,616,321 shares of the company’s stock worth $938,614,000 after acquiring an additional 444,162 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Insider Activity

In related news, Director Christopher P. Marshall sold 2,650 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the transaction, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the transaction, the chief executive officer owned 20,609 shares of the company’s stock, valued at approximately $9,758,773.68. The trade was a 50.27% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 90,609 shares of company stock valued at $44,303,507. Insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Pivotal Research dropped their price target on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a research note on Wednesday, April 29th. Weiss Ratings upgraded shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 4th. Daiwa Securities Group assumed coverage on shares of Spotify Technology in a research note on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price target for the company. JPMorgan Chase & Co. boosted their price target on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Finally, Morgan Stanley boosted their price target on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $655.92.

Spotify Technology Trading Up 2.4%

Shares of SPOT stock opened at $509.57 on Tuesday. The firm has a fifty day moving average price of $479.99 and a 200 day moving average price of $518.34. The company has a market cap of $104.91 billion, a P/E ratio of 40.60, a PEG ratio of 1.21 and a beta of 1.55. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. The firm had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company’s revenue was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.07 earnings per share. On average, equities analysts forecast that Spotify Technology will post 14.72 EPS for the current year.

Spotify Technology Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.