Nordea Investment Management AB Grows Stock Holdings in Spotify Technology $SPOT

Nordea Investment Management AB grew its position in Spotify Technology (NYSE:SPOT) by 24.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 241,332 shares of the company’s stock after buying an additional 48,152 shares during the quarter. Nordea Investment Management AB’s holdings in Spotify Technology were worth $166,413,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of SPOT. Joel Isaacson & Co. LLC boosted its holdings in Spotify Technology by 1.0% during the 2nd quarter. Joel Isaacson & Co. LLC now owns 1,551 shares of the company’s stock valued at $1,190,000 after acquiring an additional 15 shares during the period. Ignite Planners LLC lifted its position in shares of Spotify Technology by 2.4% during the second quarter. Ignite Planners LLC now owns 637 shares of the company’s stock worth $489,000 after purchasing an additional 15 shares in the last quarter. Stonekeep Investments LLC boosted its stake in shares of Spotify Technology by 2.1% in the second quarter. Stonekeep Investments LLC now owns 773 shares of the company’s stock valued at $593,000 after purchasing an additional 16 shares during the period. Moody National Bank Trust Division grew its holdings in shares of Spotify Technology by 0.5% in the second quarter. Moody National Bank Trust Division now owns 2,931 shares of the company’s stock valued at $2,249,000 after purchasing an additional 16 shares in the last quarter. Finally, Cloud Capital Management LLC grew its holdings in shares of Spotify Technology by 4.8% in the second quarter. Cloud Capital Management LLC now owns 392 shares of the company’s stock valued at $301,000 after purchasing an additional 18 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Up 1.1%

Shares of SPOT stock opened at $535.65 on Wednesday. The company has a market cap of $110.29 billion, a P/E ratio of 84.22, a PEG ratio of 0.95 and a beta of 1.66. The firm has a fifty day moving average price of $589.01 and a 200 day moving average price of $656.04. Spotify Technology has a 12 month low of $460.33 and a 12 month high of $785.00.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.87 by $1.96. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The business had revenue of $5.01 billion during the quarter, compared to analysts’ expectations of $4.23 billion. During the same period in the prior year, the firm posted $1.45 EPS. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, equities analysts forecast that Spotify Technology will post 10.3 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on SPOT shares. Wall Street Zen upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Spotify Technology in a research report on Monday, December 29th. The Goldman Sachs Group lowered Spotify Technology from a “buy” rating to a “neutral” rating and lifted their target price for the company from $765.00 to $770.00 in a report on Tuesday, September 30th. DZ Bank raised Spotify Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Finally, Wells Fargo & Company cut their price target on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $753.57.

Spotify Technology Company 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.