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

Alecta Tjanstepension Omsesidigt lessened its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 12.2% in the third quarter, HoldingsChannel.com reports. The fund owned 1,262,400 shares of the company’s stock after selling 175,100 shares during the period. Spotify Technology accounts for about 2.6% of Alecta Tjanstepension Omsesidigt’s investment portfolio, making the stock its 13th largest holding. Alecta Tjanstepension Omsesidigt’s holdings in Spotify Technology were worth $464,765,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Larson Financial Group LLC lifted its position in Spotify Technology by 86.0% in the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after buying an additional 43 shares during the last quarter. Transcendent Capital Group LLC bought a new position in shares of Spotify Technology during the 2nd quarter valued at $25,000. Benjamin Edwards Inc. raised its position in Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares during the period. Mather Group LLC. grew its stake in shares of Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after buying an additional 99 shares during the last quarter. Finally, FinTrust Capital Advisors LLC lifted its stake in shares of Spotify Technology by 400.0% in the 1st quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Shares of SPOT stock traded up $12.13 during trading hours on Friday, reaching $378.88. 1,680,980 shares of the company traded hands, compared to its average volume of 1,865,699. The firm has a 50-day moving average price of $352.57 and a 200 day moving average price of $322.71. The company has a market cap of $75.42 billion, a P/E 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 company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The company’s revenue was up 19.8% on a year-over-year basis. During the same period in the prior year, the business posted ($1.69) earnings per share. As a group, sell-side analysts predict that Spotify Technology S.A. will post 6.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SPOT. Cantor Fitzgerald reiterated a “neutral” rating and issued a $340.00 price objective on shares of Spotify Technology in a research report on Monday, October 7th. Rosenblatt Securities upped their price objective on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday. Guggenheim upped their price target on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and upped their target price for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. Finally, Morgan Stanley upped their price objective on shares of Spotify Technology from $370.00 to $400.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $362.21.

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.