Nomura Asset Management Co. Ltd. Increases Holdings in Spotify Technology S.A. (NYSE:SPOT)

Nomura Asset Management Co. Ltd. grew its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 109.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 920 shares of the company’s stock after buying an additional 480 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Spotify Technology were worth $339,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in SPOT. Y Intercept Hong Kong Ltd grew its holdings in shares of Spotify Technology by 89.4% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 52,328 shares of the company’s stock worth $19,284,000 after acquiring an additional 24,697 shares during the period. MML Investors Services LLC boosted its position in shares of Spotify Technology by 2.5% during the third quarter. MML Investors Services LLC now owns 12,014 shares of the company’s stock valued at $4,428,000 after purchasing an additional 296 shares in the last quarter. Orion Portfolio Solutions LLC grew its stake in Spotify Technology by 31.9% in the third quarter. Orion Portfolio Solutions LLC now owns 3,332 shares of the company’s stock worth $1,228,000 after purchasing an additional 806 shares during the period. National Bank of Canada FI raised its holdings in Spotify Technology by 1,001.0% in the third quarter. National Bank of Canada FI now owns 27,404 shares of the company’s stock worth $10,099,000 after purchasing an additional 24,915 shares in the last quarter. Finally, EP Wealth Advisors LLC lifted its position in Spotify Technology by 25.3% during the third quarter. EP Wealth Advisors LLC now owns 858 shares of the company’s stock valued at $316,000 after buying an additional 173 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Spotify Technology stock opened at $483.31 on Monday. Spotify Technology S.A. has a one year low of $185.37 and a one year high of $506.47. The stock has a fifty day moving average of $426.66 and a 200 day moving average of $363.77. The stock has a market cap of $96.20 billion, a PE ratio of 131.33 and a beta of 1.61.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). The business had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. Spotify Technology’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.36 EPS. As a group, sell-side analysts predict that Spotify Technology S.A. will post 6.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SPOT shares. Canaccord Genuity Group upped their target price on shares of Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Evercore ISI upped their price objective on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Pivotal Research lifted their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Morgan Stanley upped their price target on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $429.96.

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.