Spotify Technology $SPOT Shares Bought by Capital Research Global Investors

Capital Research Global Investors grew its stake in shares of Spotify Technology (NYSE:SPOT) by 3.9% during the fourth quarter, Holdings Channel reports. The firm owned 762,215 shares of the company’s stock after purchasing an additional 28,418 shares during the period. Capital Research Global Investors’ holdings in Spotify Technology were worth $442,626,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. State Street Corp raised its holdings in Spotify Technology by 1.1% during the third quarter. State Street Corp now owns 4,622,298 shares of the company’s stock worth $3,226,364,000 after purchasing an additional 48,070 shares in the last quarter. Capital World Investors raised its holdings in Spotify Technology by 40.7% during the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after purchasing an additional 789,755 shares in the last quarter. Fisher Asset Management LLC raised its holdings in 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 in the last quarter. Coatue Management LLC raised its holdings in Spotify Technology by 13.3% during the third quarter. Coatue Management LLC now owns 1,803,173 shares of the company’s stock worth $1,258,615,000 after purchasing an additional 212,006 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Spotify Technology by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 1,720,259 shares of the company’s stock worth $991,223,000 after purchasing an additional 93,274 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Insider Transactions at Spotify Technology

In related news, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the transaction, the director directly owned 6,383 shares in the company, valued at $3,355,734.59. This trade represents a 84.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the completion of the transaction, the director owned 3,619 shares in the company, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 111,442 shares of company stock worth $54,647,508 over the last quarter. 0.40% of the stock is currently owned by corporate insiders.

Spotify Technology Price Performance

NYSE:SPOT opened at $497.19 on Monday. The firm’s fifty day moving average price is $481.01 and its 200 day moving average price is $514.19. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The firm has a market cap of $102.36 billion, a price-to-earnings ratio of 39.62, a price-to-earnings-growth ratio of 1.21 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data 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. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period last year, the firm posted $1.07 EPS. Spotify Technology’s quarterly revenue was up 8.2% on a year-over-year basis. As a group, analysts expect that Spotify Technology will post 14.72 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Citizens Jmp raised their price objective on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a report on Friday, May 22nd. Pivotal Research cut their price objective on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a report on Wednesday, April 29th. Rosenblatt Securities raised their target price on shares of Spotify Technology from $500.00 to $534.00 and gave the stock a “neutral” rating in a research report on Friday, May 22nd. Finally, The Goldman Sachs Group lowered their target price on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $655.92.

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.