Bamco Inc. NY Increases Stock Holdings in Spotify Technology $SPOT

Bamco Inc. NY lifted its position in Spotify Technology (NYSE:SPOT) by 0.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 997,291 shares of the company’s stock after purchasing an additional 8,596 shares during the quarter. Spotify Technology comprises about 1.6% of Bamco Inc. NY’s holdings, making the stock its 16th biggest holding. Bamco Inc. NY owned approximately 0.48% of Spotify Technology worth $579,137,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. State Street Corp grew its holdings in shares of Spotify Technology by 1.9% in the fourth quarter. State Street Corp now owns 4,712,249 shares of the company’s stock valued at $2,736,450,000 after purchasing an additional 89,951 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Spotify Technology by 4.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock worth $2,247,042,000 after buying an additional 149,479 shares during the period. Capital World Investors boosted its stake in Spotify Technology by 4.9% during the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock worth $1,663,024,000 after buying an additional 133,108 shares during the period. Fisher Asset Management LLC boosted its stake in Spotify Technology by 2.4% during the fourth quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock worth $1,547,890,000 after buying an additional 62,887 shares during the period. Finally, Coatue Management LLC boosted its stake in Spotify Technology by 35.9% during the fourth quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after buying an additional 647,708 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

NYSE SPOT opened at $456.54 on Thursday. The firm has a 50 day simple moving average of $481.68 and a 200-day simple moving average of $507.77. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The firm has a market cap of $93.99 billion, a price-to-earnings ratio of 36.38, a PEG ratio of 1.15 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data 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 business had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same quarter last year, the firm posted $1.07 earnings per share. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. Equities analysts predict that Spotify Technology will post 14.68 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Thomas O. Staggs sold 5,477 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total value of $2,880,902.00. Following the completion of the transaction, the director 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. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the completion of the transaction, the chief executive officer directly owned 20,609 shares of the company’s stock, valued at approximately $9,758,773.68. The trade was a 50.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 111,442 shares of company stock valued at $54,647,508. 0.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SPOT. Guggenheim lowered their target price on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Benchmark lowered their target price on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Arete Research raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 target price for the company in a research note on Thursday, February 26th. Citizens Jmp increased their target price on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research note on Friday, May 22nd. Finally, UBS Group lowered their target price on shares of Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a research note on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $652.16.

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.