Round Rock Advisors LLC lowered its position in Spotify Technology (NYSE:SPOT – Free Report) by 43.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 1,503 shares of the company’s stock after selling 1,160 shares during the quarter. Round Rock Advisors LLC’s holdings in Spotify Technology were worth $690,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the business. State Street Corp grew its holdings in Spotify Technology by 1.9% during the 4th quarter. State Street Corp now owns 4,712,249 shares of the company’s stock worth $2,736,450,000 after acquiring an additional 89,951 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of 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 valued at $2,247,042,000 after acquiring an additional 149,479 shares during the last quarter. Capital World Investors lifted its holdings in shares of 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 purchasing an additional 133,108 shares during the period. Fisher Asset Management LLC lifted its holdings in shares of 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 purchasing an additional 62,887 shares during the period. Finally, Coatue Management LLC grew its stake in shares of Spotify Technology by 35.9% in the fourth quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after purchasing an additional 647,708 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.
Analyst Ratings Changes
A number of analysts recently weighed in on SPOT shares. Barclays increased their price objective on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Rosenblatt Securities cut their target price on Spotify Technology from $531.00 to $527.00 and set a “neutral” rating on the stock in a report on Wednesday, August 5th. Benchmark reduced their price target on Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. Guggenheim reissued a “buy” rating and issued a $565.00 price target on shares of Spotify Technology in a research note on Wednesday, August 5th. Finally, Cantor Fitzgerald raised their price objective on Spotify Technology from $510.00 to $530.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $609.05.
Spotify Technology Stock Performance
NYSE:SPOT opened at $559.98 on Thursday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $745.00. The firm’s fifty day moving average is $499.24 and its 200-day moving average is $490.92. The firm has a market cap of $115.29 billion, a P/E ratio of 34.87, a P/E/G ratio of 1.60 and a beta of 1.59.
Spotify Technology (NYSE:SPOT – Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $3.03 earnings per share for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.13). The firm had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.47 billion. Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.Spotify Technology’s quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.42) EPS. As a group, sell-side analysts anticipate that Spotify Technology will post 14.29 earnings per share for the current year.
Insiders Place Their Bets
In other news, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $507.24, for a total value of $10,567,330.92. Following the completion of the transaction, the chief executive officer directly owned 20,142 shares of the company’s stock, valued at approximately $10,216,828.08. This trade represents a 50.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $502.10, for a total value of $2,729,415.60. Following the completion of the transaction, the chief executive officer directly owned 66,773 shares in the company, valued at $33,526,723.30. This represents a 7.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 52,538 shares of company stock worth $25,878,250 in the last ninety days. Insiders own 0.40% of the company’s stock.
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.
Recommended Stories
- Five stocks we like better than Spotify Technology
- Striking Oil: How the U.S. Play for Venezuela Fuels Supermajors
- J.M. Smucker Stock’s Rally Has More Than Tariffs Behind It
- Wendy’s Rally Fades After Trian Steps Back: Was It Ever Real?
- GitLab’s Earnings Beat Just Gave Software Bulls a New SaaSpocalypse Test
Want to see what other hedge funds are holding SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spotify Technology (NYSE:SPOT – Free Report).
Receive News & Ratings for Spotify Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spotify Technology and related companies with MarketBeat.com's FREE daily email newsletter.
