Spotify Technology $SPOT Shares Bought by Gamco Investors INC. ET AL

Gamco Investors INC. ET AL increased its stake in Spotify Technology (NYSE:SPOT) by 14.4% in the 1st quarter, HoldingsChannel reports. The fund owned 8,085 shares of the company’s stock after acquiring an additional 1,015 shares during the period. Gamco Investors INC. ET AL’s holdings in Spotify Technology were worth $3,920,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in SPOT. Portus Wealth Advisors LLC bought a new stake in Spotify Technology during the first quarter worth approximately $32,000. Kemnay Advisory Services Inc. bought a new position in Spotify Technology during the 4th quarter valued at $32,000. Whipplewood Advisors LLC boosted its stake in Spotify Technology by 423.1% during the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock valued at $33,000 after purchasing an additional 55 shares in the last quarter. Palladiem LLC acquired a new position in shares of Spotify Technology during the 1st quarter valued at $34,000. Finally, Newbridge Financial Services Group Inc. acquired a new position in shares of Spotify Technology during the 4th quarter valued at $35,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Insider Activity at Spotify Technology

In other news, Director Christopher P. Marshall sold 2,650 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the sale, the director directly owned 4,039 shares of the company’s stock, valued at $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Thomas O. Staggs sold 5,477 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total value of $2,880,902.00. Following the completion of the transaction, the director owned 3,619 shares of the company’s stock, valued at $1,903,594. This trade represents a 60.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 111,442 shares of company stock valued at $54,757,553 over the last ninety days. Company insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on SPOT shares. KeyCorp cut their price objective on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Citizens Jmp lifted their target price on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a report on Friday, May 22nd. UBS Group dropped their price target on shares of Spotify Technology from $735.00 to $690.00 and set a “buy” rating on the stock in a research report on Friday, July 10th. Canaccord Genuity Group cut their price target on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Finally, Morgan Stanley raised their price objective on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $630.70.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $495.05 on Tuesday. Spotify Technology has a one year low of $405.00 and a one year high of $748.30. The stock has a fifty day moving average of $482.63 and a 200-day moving average of $487.08. The company has a market capitalization of $101.92 billion, a PE ratio of 39.45, a price-to-earnings-growth ratio of 1.19 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.41 by $0.63. The business had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company’s revenue was up 8.2% compared to the same quarter last year. During the same period last year, the company posted $1.07 EPS. As a group, research analysts forecast that Spotify Technology will post 14.51 EPS for the current fiscal year.

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.