Concurrent Investment Advisors LLC Increases Stake in Spotify Technology $SPOT

Concurrent Investment Advisors LLC boosted its position in Spotify Technology (NYSE:SPOT) by 20.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,175 shares of the company’s stock after purchasing an additional 1,226 shares during the period. Concurrent Investment Advisors LLC’s holdings in Spotify Technology were worth $3,294,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in SPOT. State Street Corp boosted its holdings in Spotify Technology by 1.9% during the fourth quarter. State Street Corp now owns 4,712,249 shares of the company’s stock worth $2,736,450,000 after buying an additional 89,951 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings 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 buying an additional 149,479 shares in the last quarter. Capital World Investors lifted its position in shares of Spotify Technology by 4.9% during the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock valued at $1,663,024,000 after acquiring an additional 133,108 shares during the period. Fisher Asset Management LLC lifted its position in shares of Spotify Technology by 2.4% during the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock valued at $1,547,890,000 after acquiring an additional 62,887 shares during the period. Finally, Coatue Management LLC boosted its stake in shares of Spotify Technology by 35.9% during the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after acquiring an additional 647,708 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Insider Transactions at Spotify Technology

In other Spotify Technology news, CEO Alex Norström sold 5,436 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $502.10, for a total value of $2,729,415.60. Following the transaction, the chief executive officer directly owned 66,773 shares in the company, valued at approximately $33,526,723.30. This represents a 7.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 firm’s stock in a transaction dated 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 sale, the chief executive officer directly owned 20,259 shares in the company, valued at $9,692,918.55. This 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 90 days, insiders sold 52,538 shares of company stock worth $25,878,250. 0.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SPOT shares. Rosenblatt Securities reduced their price objective on Spotify Technology from $531.00 to $527.00 and set a “neutral” rating for the company in a report on Wednesday, August 5th. JPMorgan Chase & Co. lifted their price target on Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Morgan Stanley boosted their price objective on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. 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. Finally, Wall Street Zen downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $609.05.

Spotify Technology Stock Down 0.1%

NYSE SPOT opened at $542.08 on Tuesday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $745.00. The business has a fifty day moving average of $504.84 and a 200-day moving average of $492.78. The stock has a market cap of $111.60 billion, a price-to-earnings ratio of 33.75, a price-to-earnings-growth ratio of 1.60 and a beta of 1.59.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $3.03 EPS for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.13). The company had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.47 billion. Spotify Technology had a net margin of 18.44% and a return on equity of 41.39%. The firm’s revenue was up 13.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.42) EPS. As a group, analysts anticipate that Spotify Technology will post 14.29 EPS for the current year.

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.