Groupe la Francaise lessened its position in Spotify Technology (NYSE:SPOT – Free Report) by 38.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,386 shares of the company’s stock after selling 2,123 shares during the period. Groupe la Francaise’s holdings in Spotify Technology were worth $1,513,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in SPOT. California State Teachers Retirement System grew its holdings in shares of Spotify Technology by 41,067.3% in the 2nd quarter. California State Teachers Retirement System now owns 74,357,940 shares of the company’s stock valued at $34,139,961,000 after buying an additional 74,177,316 shares during the period. State Street Corp grew its stake in Spotify Technology by 1.9% in the fourth quarter. State Street Corp now owns 4,712,249 shares of the company’s stock valued at $2,736,450,000 after acquiring an additional 89,951 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Spotify Technology by 4.0% in 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 period. Capital World Investors increased its holdings in shares of Spotify Technology by 4.9% in the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock worth $1,663,024,000 after acquiring an additional 133,108 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in shares of Spotify Technology by 2.4% in the fourth quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock worth $1,547,890,000 after acquiring an additional 62,887 shares in the last quarter. 84.09% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on SPOT shares. Cantor Fitzgerald lifted their price objective on Spotify Technology from $510.00 to $530.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. Guggenheim reaffirmed a “buy” rating and issued a $565.00 price target on shares of Spotify Technology in a research note on Wednesday, August 5th. UBS Group reduced their price target on shares of Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a report on Friday, July 10th. Benchmark dropped their price objective on shares of Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a report on Wednesday, July 22nd. Finally, Weiss Ratings raised shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, August 26th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $609.05.
Spotify Technology Trading Down 2.7%
Spotify Technology stock opened at $527.60 on Wednesday. The company has a market cap of $108.62 billion, a P/E ratio of 32.85, a price-to-earnings-growth ratio of 1.60 and a beta of 1.59. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $745.00. The company has a fifty day simple moving average of $506.20 and a 200 day simple moving average of $493.13.
Spotify Technology (NYSE:SPOT – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $3.03 EPS for the quarter, missing the consensus estimate of $3.16 by ($0.13). Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The business had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.47 billion. During the same period last year, the firm earned ($0.42) earnings per share. The company’s quarterly revenue was up 13.9% compared to the same quarter last year. On average, equities research analysts forecast that Spotify Technology will post 14.29 EPS for the current year.
Insider Transactions at Spotify Technology
In related news, CEO Alex Norström sold 5,436 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $502.10, for a total transaction of $2,729,415.60. Following the sale, the chief executive officer owned 66,773 shares in the company, valued at approximately $33,526,723.30. This represents a 7.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gustav Söderström sold 20,833 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $507.24, for a total value of $10,567,330.92. Following the transaction, the chief executive officer directly owned 20,142 shares of the company’s stock, valued at $10,216,828.08. This trade represents a 50.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 52,538 shares of company stock worth $25,878,250. 0.40% of the stock is owned by company insiders.
Spotify Technology Company Profile
Spotify Technology SA is a Luxembourg-based audio streaming company that operates the Spotify platform. The service gives users access to a broad catalog of music, podcasts and audiobooks, with features for searching, discovering, creating and sharing audio content across connected devices.
Spotify offers an ad-supported service at no subscription cost and paid Premium plans that provide additional features, including ad-free listening and offline playback. The company generates revenue primarily through subscriptions and advertising, while working with music labels, publishers, podcast creators and other rights holders to distribute content.
Founded in Stockholm in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008.
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