Capital International Investors Raises Stake in Spotify Technology $SPOT

Capital International Investors lifted its position in shares of Spotify Technology (NYSE:SPOT) by 113.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 655,092 shares of the company’s stock after purchasing an additional 348,126 shares during the quarter. Capital International Investors’ holdings in Spotify Technology were worth $380,298,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of SPOT. Sivia Capital Partners LLC purchased a new stake in shares of Spotify Technology during the 2nd quarter worth about $312,000. Jump Financial LLC grew its holdings in shares of Spotify Technology by 5.2% during the 2nd quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock worth $869,000 after purchasing an additional 56 shares during the period. Cary Street Partners Financial LLC purchased a new position in Spotify Technology in the 2nd quarter worth approximately $178,000. NewEdge Advisors LLC boosted its holdings in Spotify Technology by 36.9% in the 2nd quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock worth $9,707,000 after acquiring an additional 3,412 shares during the period. Finally, Glenview Trust co purchased a new position in Spotify Technology in the 2nd quarter worth approximately $298,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on SPOT. Wall Street Zen upgraded Spotify Technology from a “hold” rating to a “buy” rating in a report on Saturday, May 30th. KeyCorp decreased their price target on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. UBS Group decreased their price target on Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a report on Thursday, April 30th. The Goldman Sachs Group decreased their price target on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Finally, Wells Fargo & Company upped their price target on Spotify Technology from $580.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Two 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. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $655.92.

Spotify Technology Stock Up 0.0%

NYSE SPOT opened at $497.19 on Monday. The stock has a market cap of $102.36 billion, a PE ratio of 39.62, a P/E/G ratio of 1.21 and a beta of 1.56. The business has a 50 day moving average price of $481.01 and a two-hundred day moving average price of $514.19. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT) last released 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. The company had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business’s revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.07 EPS. Sell-side analysts anticipate that Spotify Technology will post 14.72 EPS for the current fiscal year.

Insider Activity at Spotify Technology

In other news, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the transaction, the chief executive officer directly owned 69,989 shares in the company, valued at approximately $33,560,425.39. This represents a 7.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction that occurred on 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 transaction, the director owned 4,039 shares of the company’s stock, valued at approximately $2,099,714.54. This trade represents a 39.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 111,442 shares of company stock worth $54,647,508. 0.40% of the stock is currently owned by insiders.

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.