Allspring Global Investments Holdings LLC grew its holdings in shares of Spotify Technology (NYSE:SPOT – Free Report) by 29.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 314,453 shares of the company’s stock after purchasing an additional 70,933 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Spotify Technology were worth $147,796,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently made changes to their positions in the business. Quadcap Wealth Management LLC raised its holdings in shares of Spotify Technology by 5.7% in the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock worth $206,000 after purchasing an additional 16 shares in the last quarter. Sagespring Wealth Partners LLC boosted its holdings in Spotify Technology by 2.9% during the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock worth $370,000 after buying an additional 18 shares in the last quarter. Objectivity Squared LLC boosted its holdings in Spotify Technology by 0.8% during the fourth quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock worth $1,499,000 after buying an additional 20 shares in the last quarter. GAMMA Investing LLC grew its position in Spotify Technology by 1.4% in the fourth quarter. GAMMA Investing LLC now owns 1,667 shares of the company’s stock worth $968,000 after buying an additional 23 shares during the last quarter. Finally, Greenleaf Trust grew its position in Spotify Technology by 5.8% in the fourth quarter. Greenleaf Trust now owns 455 shares of the company’s stock worth $264,000 after buying an additional 25 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.
Analyst Ratings Changes
Several research analysts have issued reports on the company. Pivotal Research dropped their price target on Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a report on Wednesday, April 29th. Citizens Jmp raised their price objective on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research note on Friday, May 22nd. KeyCorp decreased their target price on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Canaccord Genuity Group cut their target price on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Finally, Benchmark reduced their target price on Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $638.58.
Spotify Technology Price Performance
Shares of SPOT opened at $475.67 on Friday. The business’s 50-day moving average is $475.16 and its 200-day moving average is $491.82. The company has a market capitalization of $97.93 billion, a price-to-earnings ratio of 37.90, a P/E/G ratio of 1.19 and a beta of 1.56. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $748.30.
Spotify Technology (NYSE:SPOT – Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping 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 business had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same period last year, the company posted $1.07 earnings per share. The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. Equities research analysts expect that Spotify Technology will post 14.59 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $480.86, for a total transaction of $2,613,954.96. Following the transaction, the chief executive officer directly owned 67,582 shares in the company, valued at $32,497,480.52. The trade was a 7.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 company’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $478.45, for a total transaction of $9,967,548.85. Following the completion of the transaction, the chief executive officer directly owned 20,259 shares in the company, valued at $9,692,918.55. This trade represents a 50.70% 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. Over the last quarter, insiders have sold 111,442 shares of company stock worth $54,757,553. Insiders own 0.40% of the company’s stock.
Key Headlines Impacting Spotify Technology
Here are the key news stories impacting Spotify Technology this week:
- Positive Sentiment: Spotify rolled out a new AI assistant that helps users search music, create playlists, and discover podcasts by speaking naturally, highlighting product innovation and potentially boosting user engagement. Spotify’s new AI assistant lets you find songs, create playlists and explore podcasts using natural language
- Positive Sentiment: Jefferies reiterated a Buy rating and $600 price target, citing upcoming catalysts such as AI remixing features and a possible Warner Music Group remixing agreement, which supports a bullish longer-term view. Spotify seen delivering steady Q2 results as investors await AI remixing updates
- Positive Sentiment: Spotify expanded parent-managed accounts to its free tier in several major markets, a move that could widen adoption among families and improve the platform’s ecosystem. Spotify expands parent-managed accounts to users on its free tier
- Neutral Sentiment: Back Market announced new partnerships with Duolingo and Spotify as part of its back-to-school campaign, but the announcement appears more promotional than financially material for SPOT. Back Market Kicks Off Back-to-School Season with Survey Revealing How Parents Are Redefining the Smart Tech Purchase – And Debuting New Partnerships with Duolingo and Spotify
- Negative Sentiment: Singer Lorde criticized Spotify over sloppy AI-generated song descriptions, adding to concerns that Spotify’s AI rollout could face backlash around quality and trust. Lorde slams Spotify over sloppy AI-generated song descriptions
- Negative Sentiment: Recent market coverage noted that Spotify dipped more than the broader market, suggesting investors are still focused on valuation and near-term execution despite the company’s strong fundamentals. Why Spotify (SPOT) Dipped More Than Broader Market Today
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.
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