Natixis Advisors LLC Reduces Holdings in Spotify Technology $SPOT

Natixis Advisors LLC decreased its position in Spotify Technology (NYSE:SPOT) by 55.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 71,396 shares of the company’s stock after selling 87,802 shares during the period. Natixis Advisors LLC’s holdings in Spotify Technology were worth $41,460,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. State Street Corp grew its stake in shares of Spotify Technology by 1.1% in the 3rd quarter. State Street Corp now owns 4,622,298 shares of the company’s stock valued at $3,226,364,000 after buying an additional 48,070 shares during the period. Capital World Investors grew its stake in shares of Spotify Technology by 40.7% in the 3rd quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock valued at $1,906,260,000 after buying an additional 789,755 shares during the period. Fisher Asset Management LLC grew its stake in shares of Spotify Technology by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock valued at $1,547,890,000 after buying an additional 62,887 shares during the period. Coatue Management LLC grew its stake in shares of Spotify Technology by 13.3% in the 3rd quarter. Coatue Management LLC now owns 1,803,173 shares of the company’s stock valued at $1,258,615,000 after buying an additional 212,006 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Spotify Technology by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 1,720,259 shares of the company’s stock valued at $991,223,000 after buying an additional 93,274 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 2.6%

Shares of SPOT stock opened at $488.24 on Thursday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The stock has a market capitalization of $100.52 billion, a PE ratio of 38.90, a P/E/G ratio of 1.22 and a beta of 1.56. The firm has a 50 day moving average of $480.38 and a two-hundred day moving average of $516.21.

Spotify Technology (NYSE:SPOT) last issued its quarterly 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 analysts’ expectations of $5.23 billion. During the same quarter last year, the company posted $1.07 EPS. The firm’s revenue was up 8.2% compared to the same quarter last year. Analysts expect that Spotify Technology will post 14.72 EPS for the current fiscal year.

Insider Buying and Selling

In other Spotify Technology news, 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 value of $9,864,842.16. Following the completion of the transaction, the chief executive officer owned 20,609 shares of the company’s stock, valued at $9,758,773.68. This trade represents a 50.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Christopher P. Marshall sold 2,650 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the transaction, the director directly owned 4,039 shares of the company’s stock, valued at $2,099,714.54. This represents a 39.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 111,442 shares of company stock worth $54,647,508 over the last three months. 0.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SPOT. Guggenheim dropped their price target 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. Cantor Fitzgerald increased their price target on shares of Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research note on Tuesday, May 26th. Pivotal Research lowered their price objective on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a research report on Wednesday, April 29th. The Goldman Sachs Group lowered their price objective on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Finally, Arete Research raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective for the company in a research report on Thursday, February 26th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $655.92.

Spotify Technology Company 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.