Jennison Associates LLC Has $1.35 Billion Position in Spotify Technology $SPOT

Jennison Associates LLC lessened its position in shares of Spotify Technology (NYSE:SPOT) by 7.6% in the first quarter, HoldingsChannel.com reports. The fund owned 2,778,849 shares of the company’s stock after selling 228,372 shares during the period. Spotify Technology comprises approximately 0.9% of Jennison Associates LLC’s portfolio, making the stock its 26th biggest holding. Jennison Associates LLC’s holdings in Spotify Technology were worth $1,347,492,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Quadcap Wealth Management LLC increased its stake in Spotify Technology by 5.7% in the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock valued at $206,000 after acquiring an additional 16 shares during the last quarter. Sagespring Wealth Partners LLC lifted its stake in Spotify Technology by 2.9% during the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock worth $370,000 after purchasing an additional 18 shares during the last quarter. Objectivity Squared LLC lifted its stake in Spotify Technology by 0.8% during the fourth quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock worth $1,499,000 after purchasing an additional 20 shares during the last quarter. GAMMA Investing LLC lifted its stake in Spotify Technology by 1.4% during the fourth quarter. GAMMA Investing LLC now owns 1,667 shares of the company’s stock worth $968,000 after purchasing an additional 23 shares during the last quarter. Finally, Greenleaf Trust boosted its holdings in shares of Spotify Technology by 5.8% in the 4th quarter. Greenleaf Trust now owns 455 shares of the company’s stock valued at $264,000 after purchasing an additional 25 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Key Spotify Technology News

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Spotify unveiled a new AI assistant that lets users find songs, build playlists, and explore podcasts using natural language, which could improve engagement and support premium user growth. Spotify’s new AI assistant lets you find songs, create playlists and explore podcasts using natural language
• Positive Sentiment: Jefferies reiterated a Buy rating and a $600 price target ahead of earnings, signaling continued confidence in Spotify’s long-term growth and AI-related product roadmap. Spotify seen delivering steady Q2 results as investors await AI remixing updates
• Neutral Sentiment: Spotify was highlighted in an investor letter as having robust results, suggesting institutional investors still see the company as a strong operator despite recent market noise. Market Overlooked Spotify Technology S.A. (SPOT) Despite Robust Results
• Neutral Sentiment: Spotify partnered with Back Market for a back-to-school promotion, expanding brand visibility but with limited direct financial impact. Back Market Kicks Off Back-to-School Season with Survey Revealing How Parents Are Redefining the Smart Tech Purchase – And Debuting New Partnerships with Duolingo and Spotify
• Negative Sentiment: Zacks said Spotify’s growth story remains intact, but warned that a rich valuation, high royalty costs, and intensifying competition make the risk/reward less attractive. Spotify’s Growth Story Is Intact, but Faces Valuation Threat
• Negative Sentiment: Spotify also faced criticism after Lorde slammed the company over sloppy AI-generated song descriptions, adding a reputational headwind around its AI rollout. Lorde slams Spotify over sloppy AI-generated song descriptions

Insider Activity at Spotify Technology

In other Spotify Technology news, Director Christopher P. Marshall sold 2,650 shares of the company’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 completion of the transaction, the director owned 4,039 shares of the company’s stock, valued at $2,099,714.54. This represents a 39.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $480.86, for a total value of $2,613,954.96. Following the completion of the transaction, the chief executive officer owned 67,582 shares of the company’s stock, valued at $32,497,480.52. This represents a 7.44% 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. Insiders have sold a total of 111,442 shares of company stock worth $54,757,553 over the last 90 days. 0.40% of the stock is currently owned by company insiders.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $478.86 on Friday. The company’s 50 day moving average price is $476.38 and its two-hundred day moving average price is $491.73. The firm has a market capitalization of $98.59 billion, a P/E ratio of 38.16, a P/E/G ratio of 1.18 and a beta of 1.56. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $748.30.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.07 earnings per share. On average, analysts expect that Spotify Technology will post 14.51 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group decreased their price target on Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. JPMorgan Chase & Co. upped their price objective on Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Wall Street Zen raised Spotify Technology from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Wells Fargo & Company decreased their target price on Spotify Technology from $600.00 to $570.00 and set an “overweight” rating on the stock in a research report on Thursday, July 9th. Finally, Benchmark lowered their target price on Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $638.58.

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.