Manning & Napier Advisors LLC Buys New Stake in Spotify Technology $SPOT

Manning & Napier Advisors LLC bought a new position in shares of Spotify Technology (NYSE:SPOT) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 218,189 shares of the company’s stock, valued at approximately $100,867,000. Spotify Technology comprises 1.3% of Manning & Napier Advisors LLC’s portfolio, making the stock its 26th largest position.

Other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its holdings in shares of Spotify Technology by 12.9% during the fourth quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock worth $374,672,000 after buying an additional 73,722 shares during the last quarter. SBI Okasan Asset Management Co.Ltd. acquired a new stake in shares of Spotify Technology in the fourth quarter worth $1,162,000. Sycale Advisors NY LLC increased its position in Spotify Technology by 89.6% during the fourth quarter. Sycale Advisors NY LLC now owns 36,075 shares of the company’s stock worth $20,949,000 after acquiring an additional 17,050 shares during the period. Robeco Schweiz AG increased its position in Spotify Technology by 37.6% during the fourth quarter. Robeco Schweiz AG now owns 18,544 shares of the company’s stock worth $10,769,000 after acquiring an additional 5,071 shares during the period. Finally, HS Management Partners LLC acquired a new position in Spotify Technology during the 2nd quarter valued at $13,404,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $537.96 on Tuesday. The business has a fifty day moving average of $487.41 and a two-hundred day moving average of $485.80. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $745.00. The stock has a market cap of $110.75 billion, a PE ratio of 33.50, a PEG ratio of 1.31 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, August 4th. The company reported $3.03 EPS for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.13). The firm had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.47 billion. Spotify Technology had a net margin of 18.44% and a return on equity of 41.39%. Spotify Technology’s quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.42) earnings per share. Analysts predict that Spotify Technology will post 14.3 earnings per share for the current year.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $502.10, for a total value of $2,729,415.60. Following the transaction, the chief executive officer owned 66,773 shares of the company’s stock, valued at approximately $33,526,723.30. The trade was a 7.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $496.52, for a total value of $10,344,001.16. Following the completion of the sale, the chief executive officer owned 20,376 shares of the company’s stock, valued at approximately $10,117,091.52. This trade represents a 50.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 73,371 shares of company stock valued at $36,222,251. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SPOT shares. UBS Group cut their price objective on shares of Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a research report on Friday, July 10th. Canaccord Genuity Group lowered their price target on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Wells Fargo & Company cut their price target on Spotify Technology from $600.00 to $570.00 and set an “overweight” rating for the company in a report on Thursday, July 9th. Guggenheim reissued a “buy” rating and set a $565.00 price objective on shares of Spotify Technology in a report on Wednesday, August 5th. Finally, Morgan Stanley boosted their price objective on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $609.05.

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.