Pictet Asset Management Holding SA Has $256.73 Million Holdings in Spotify Technology $SPOT

Pictet Asset Management Holding SA grew its stake in Spotify Technology (NYSE:SPOT) by 17.7% in the first quarter, HoldingsChannel reports. The fund owned 529,617 shares of the company’s stock after acquiring an additional 79,626 shares during the period. Pictet Asset Management Holding SA’s holdings in Spotify Technology were worth $256,734,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of SPOT. Value Partners Investments Inc. acquired a new stake in shares of Spotify Technology in the first quarter valued at approximately $1,701,000. WT Wealth Management lifted its holdings in Spotify Technology by 18.0% during the 1st quarter. WT Wealth Management now owns 4,076 shares of the company’s stock worth $1,977,000 after buying an additional 622 shares in the last quarter. Wasatch Advisors LP boosted its position in Spotify Technology by 36.1% in the 1st quarter. Wasatch Advisors LP now owns 983 shares of the company’s stock valued at $477,000 after buying an additional 261 shares during the last quarter. Crown Wealth Group LLC boosted its position in Spotify Technology by 5.7% in the 1st quarter. Crown Wealth Group LLC now owns 4,018 shares of the company’s stock valued at $1,948,000 after buying an additional 218 shares during the last quarter. Finally, Wesbanco Bank Inc. increased its stake in shares of Spotify Technology by 26.6% in the 1st quarter. Wesbanco Bank Inc. now owns 7,759 shares of the company’s stock valued at $3,762,000 after buying an additional 1,630 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SPOT has been the subject of a number of recent research reports. KeyCorp dropped their target price on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. Guggenheim decreased their price target on Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Pivotal Research lowered their price objective on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a research report on Wednesday, April 29th. UBS Group dropped their price objective on Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a report on Thursday, April 30th. Finally, Daiwa Securities Group started coverage on shares of Spotify Technology in a research report on Thursday, March 26th. They set an “outperform” rating and a $535.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus target price of $641.83.

Spotify Technology Stock Performance

SPOT opened at $460.74 on Friday. The company has a fifty day moving average price of $476.44 and a two-hundred day moving average price of $502.64. The firm has a market capitalization of $94.86 billion, a PE ratio of 36.71, a P/E/G ratio of 1.12 and a beta of 1.56. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results 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 return on equity of 35.73% and a net margin of 15.56%.The company had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter in the prior year, the business posted $1.07 EPS. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. Equities analysts forecast that Spotify Technology will post 14.68 EPS for the current year.

Insiders Place Their Bets

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the transaction, the chief executive officer owned 69,989 shares in the company, valued at approximately $33,560,425.39. This trade represents a 7.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christopher P. Marshall sold 2,650 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the transaction, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. This trade represents a 39.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 111,442 shares of company stock valued at $54,647,508 in the last ninety days. 0.40% of the stock is currently owned by insiders.

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.