Sumitomo Mitsui Trust Group Inc. Sells 27,586 Shares of Spotify Technology $SPOT

Sumitomo Mitsui Trust Group Inc. trimmed its position in shares of Spotify Technology (NYSE:SPOT) by 5.2% during the first quarter, Holdings Channel.com reports. The firm owned 499,856 shares of the company’s stock after selling 27,586 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Spotify Technology were worth $242,385,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Resona Asset Management Co. Ltd. grew its position in Spotify Technology by 1.9% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 40,225 shares of the company’s stock valued at $19,506,000 after purchasing an additional 758 shares during the period. Personal CFO Solutions LLC increased its stake in Spotify Technology by 7.5% during the 1st quarter. Personal CFO Solutions LLC now owns 2,141 shares of the company’s stock valued at $1,038,000 after purchasing an additional 149 shares in the last quarter. DSM Capital Partners LLC raised its holdings in Spotify Technology by 4,336.9% during the first quarter. DSM Capital Partners LLC now owns 144,331 shares of the company’s stock worth $69,987,000 after buying an additional 141,078 shares during the last quarter. Frank Rimerman Advisors LLC acquired a new position in Spotify Technology during the first quarter worth $672,000. Finally, Cvfg LLC bought a new position in shares of Spotify Technology in the first quarter valued at $2,680,000. 84.09% of the stock is currently owned by institutional investors.

Key Headlines Impacting Spotify Technology

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

Spotify Technology Price Performance

SPOT opened at $485.16 on Friday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30. The company has a market capitalization of $99.89 billion, a price-to-earnings ratio of 38.66, a P/E/G ratio of 1.19 and a beta of 1.56. The firm’s fifty day moving average price is $470.38 and its two-hundred day moving average price is $495.42.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating the consensus estimate of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter in the prior year, the company posted $1.07 earnings per share. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. As a group, equities analysts anticipate that Spotify Technology will post 14.62 EPS for the current year.

Insiders Place Their Bets

In other Spotify Technology news, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total value of $1,377,629.00. Following the completion of the sale, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. This trade represents a 39.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the completion of the sale, the director owned 6,383 shares of the company’s stock, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 111,442 shares of company stock worth $54,757,553 in the last ninety days. 0.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Rosenblatt Securities reduced their price objective on shares of Spotify Technology from $534.00 to $531.00 and set a “neutral” rating for the company in a report on Thursday. Guggenheim lowered their target price on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Wells Fargo & Company dropped their price target on shares of Spotify Technology from $600.00 to $570.00 and set an “overweight” rating on the stock in a research report on Thursday. Cantor Fitzgerald lifted their price target on Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research note on Tuesday, May 26th. Finally, Daiwa Securities Group initiated coverage on Spotify Technology in a report on Thursday, March 26th. They set an “outperform” rating and a $535.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $640.46.

Spotify Technology 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.