Sumitomo Mitsui Trust Group Inc. Has $242.38 Million Stock Holdings in Spotify Technology $SPOT

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in shares of Spotify Technology (NYSE:SPOT) by 5.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 499,856 shares of the company’s stock after selling 27,586 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.24% of Spotify Technology worth $242,385,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. KERR FINANCIAL PLANNING Corp acquired a new position in shares of Spotify Technology during the third quarter worth $26,000. JPL Wealth Management LLC bought a new stake in shares of Spotify Technology in the third quarter worth $35,000. Kemnay Advisory Services Inc. acquired a new stake in Spotify Technology in the fourth quarter valued at $32,000. Newbridge Financial Services Group Inc. acquired a new stake in Spotify Technology in the fourth quarter valued at $35,000. Finally, Osbon Capital Management LLC bought a new position in Spotify Technology during the 4th quarter worth $35,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology News Summary

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Spotify updated its song-mixing feature with new customization tools, which could help improve user engagement and strengthen the platform’s appeal. Spotify updates its song-mixing feature with new customization tools
• Positive Sentiment: Recent coverage comparing Spotify with other names in streaming and software continues to highlight Spotify Technology (NYSE: SPOT) as a potentially attractive value opportunity, supporting the bullish long-term thesis. XYZ vs. SPOT: Which Stock Is the Better Value Option?
• Neutral Sentiment: Rosenblatt Securities trimmed its price target on Spotify to $531 from $534 and kept a neutral rating, while Wells Fargo cut its target to $570 from $600 but maintained an overweight rating; both moves suggest some caution, though analysts still see upside from current levels. Benzinga analyst update
• Neutral Sentiment: CEO share sales by Gustav Soderstrom and Alex Norstrom were disclosed, but the filings say the transactions were made to cover tax withholding obligations related to vested equity awards, limiting the negative signal for investors. SEC Form 4 filing for Gustav Soderstrom
• Negative Sentiment: Spotify’s stock is also being weighed by broader concern that insider selling and softer analyst price targets could signal limited near-term upside after a strong run earlier in the year. Investors Heavily Search Spotify Technology (SPOT): Here is What You Need to Know

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the sale, the director directly owned 6,383 shares in the company, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the completion of the sale, the director directly owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 111,442 shares of company stock valued at $54,757,553 over the last 90 days. Insiders own 0.40% of the company’s stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $485.16 on Friday. The stock has a market capitalization of $99.89 billion, a price-to-earnings ratio of 38.66, a PEG ratio of 1.19 and a beta of 1.56. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $748.30. The stock’s 50 day moving average price is $470.38 and its two-hundred day moving average price is $495.42.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. Spotify Technology’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.07 EPS. On average, equities research analysts forecast that Spotify Technology will post 14.62 EPS for the current year.

Analyst Ratings Changes

Several research analysts have commented on the company. UBS Group cut their target price on Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a report on Thursday, April 30th. Guggenheim lowered their price objective on Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. The Goldman Sachs Group lowered their price objective on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Barclays lifted their price objective on Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Finally, Weiss Ratings downgraded shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $640.46.

About Spotify Technology

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.