Alecta Tjanstepension Omsesidigt Sells 175,100 Shares of Spotify Technology S.A. (NYSE:SPOT)

Alecta Tjanstepension Omsesidigt lessened its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 12.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,262,400 shares of the company’s stock after selling 175,100 shares during the period. Spotify Technology makes up approximately 2.6% of Alecta Tjanstepension Omsesidigt’s investment portfolio, making the stock its 13th largest position. Alecta Tjanstepension Omsesidigt owned about 0.63% of Spotify Technology worth $464,765,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GQG Partners LLC acquired a new stake in shares of Spotify Technology in the first quarter valued at approximately $610,040,000. Bamco Inc. NY boosted its stake in Spotify Technology by 28.3% in the first quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock valued at $228,164,000 after buying an additional 190,931 shares in the last quarter. Swedbank AB grew its position in Spotify Technology by 13.2% in the second quarter. Swedbank AB now owns 852,526 shares of the company’s stock valued at $267,514,000 after acquiring an additional 99,730 shares during the last quarter. Perpetual Ltd raised its stake in Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after acquiring an additional 148,431 shares in the last quarter. Finally, D1 Capital Partners L.P. lifted its stake in Spotify Technology by 5.6% in the 2nd quarter. D1 Capital Partners L.P. now owns 680,061 shares of the company’s stock valued at $213,396,000 after purchasing an additional 36,000 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analysts Set New Price Targets

SPOT has been the subject of several research reports. Macquarie increased their target price on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Bank of America raised their target price on Spotify Technology from $370.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. Evercore ISI increased their price target on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Rosenblatt Securities lifted their price objective on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $362.21.

Spotify Technology Stock Performance

SPOT stock traded up $12.13 during mid-day trading on Friday, hitting $378.88. The company had a trading volume of 1,680,980 shares, compared to its average volume of 1,865,699. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market cap of $75.42 billion, a PE ratio of 154.62 and a beta of 1.58. Spotify Technology S.A. has a 12 month low of $145.76 and a 12 month high of $389.23. The stock’s fifty day moving average price is $352.57 and its two-hundred day moving average price is $322.71.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.08 by $0.25. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. Spotify Technology’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.69) earnings per share. On average, analysts forecast that Spotify Technology S.A. will post 6.24 earnings per share for the current fiscal year.

Spotify Technology 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.