Clough Capital Partners L P Has $2.08 Million Stock Position in Spotify Technology $SPOT

Clough Capital Partners L P increased its stake in shares of Spotify Technology (NYSE:SPOT) by 148.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,579 shares of the company’s stock after buying an additional 2,136 shares during the period. Clough Capital Partners L P’s holdings in Spotify Technology were worth $2,078,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SPOT. Norges Bank acquired a new position in Spotify Technology during the 4th quarter worth about $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Spotify Technology by 1,382.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company’s stock valued at $724,251,000 after purchasing an additional 1,163,045 shares during the period. Capital World Investors lifted its position in Spotify Technology by 40.7% during the 3rd quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock valued at $1,906,260,000 after purchasing an additional 789,755 shares during the period. Capital Research Global Investors acquired a new position in Spotify Technology during the 3rd quarter valued at about $512,190,000. Finally, Coatue Management LLC lifted its position in Spotify Technology by 35.9% during the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock valued at $1,423,251,000 after purchasing an additional 647,708 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Insiders Place Their Bets

In related news, 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 sale, the director directly owned 4,039 shares in the company, valued at $2,099,714.54. This trade represents a 39.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction that occurred on 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 in the company, valued at $3,355,734.59. This represents a 84.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 111,442 shares of company stock worth $54,647,508 over the last ninety days. Company insiders own 0.40% of the company’s stock.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $456.54 on Thursday. The company has a market capitalization of $93.99 billion, a price-to-earnings ratio of 36.38, a P/E/G ratio of 1.15 and a beta of 1.56. The firm’s 50 day simple moving average is $481.68 and its 200 day simple moving average is $507.77. 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 announced its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. The business had revenue of $5.25 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the company posted $1.07 EPS. Equities research analysts expect that Spotify Technology will post 14.68 earnings per share for the current year.

Analyst Ratings Changes

SPOT has been the topic of a number of research reports. Rosenblatt Securities upped their target price on shares of Spotify Technology from $500.00 to $534.00 and gave the company a “neutral” rating in a research report on Friday, May 22nd. Morgan Stanley upped their target price on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Wells Fargo & Company upped their target price on shares of Spotify Technology from $580.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. JPMorgan Chase & Co. upped their target price on shares of Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Finally, Barclays upped their target price on shares of Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Two research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus 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.