Sumitomo Mitsui Trust Group Inc. Sells 47,915 Shares of Spotify Technology S.A. (NYSE:SPOT)

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 9.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 444,351 shares of the company’s stock after selling 47,915 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Spotify Technology were worth $163,757,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Perpetual Ltd raised its holdings in Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after purchasing an additional 148,431 shares in the last quarter. Pathway Capital Management LP lifted its holdings in Spotify Technology by 23.8% in the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after buying an additional 11,042 shares during the period. TD Asset Management Inc boosted its position in Spotify Technology by 2.4% during the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock valued at $135,339,000 after acquiring an additional 12,192 shares in the last quarter. Jag Capital Management LLC purchased a new position in shares of Spotify Technology during the 3rd quarter worth approximately $13,569,000. Finally, Northeast Investment Management raised its position in shares of Spotify Technology by 67.6% in the 3rd quarter. Northeast Investment Management now owns 12,991 shares of the company’s stock worth $4,788,000 after acquiring an additional 5,240 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Up 2.2 %

SPOT opened at $419.32 on Wednesday. The company has a market capitalization of $83.47 billion, a PE ratio of 171.15 and a beta of 1.56. The firm has a 50-day simple moving average of $367.88 and a two-hundred day simple moving average of $333.81. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology S.A. has a 52 week low of $169.02 and a 52 week high of $420.00.

Wall Street Analyst Weigh In

SPOT has been the topic of several recent research reports. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a research note on Monday, October 7th. KeyCorp raised their price target on shares of Spotify Technology from $440.00 to $490.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Benchmark lifted their price objective on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Monday. Barclays boosted their target price on shares of Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have given a buy rating to the company. According to MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $381.04.

Spotify Technology Company Profile

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.