Robinhood Asset Management LLC Purchases New Shares in Spotify Technology $SPOT

Robinhood Asset Management LLC acquired a new position in shares of Spotify Technology (NYSE:SPOT) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 14,176 shares of the company’s stock, valued at approximately $8,233,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SPOT. Sivia Capital Partners LLC acquired a new stake in shares of Spotify Technology in the second quarter valued at about $312,000. CW Advisors LLC lifted its position in shares of Spotify Technology by 36.5% in the second quarter. CW Advisors LLC now owns 1,678 shares of the company’s stock valued at $1,288,000 after acquiring an additional 449 shares in the last quarter. SageView Advisory Group LLC boosted its stake in shares of Spotify Technology by 30.2% in the second quarter. SageView Advisory Group LLC now owns 1,113 shares of the company’s stock worth $780,000 after acquiring an additional 258 shares during the last quarter. Cary Street Partners Investment Advisory LLC purchased a new stake in shares of Spotify Technology during the second quarter worth approximately $249,000. Finally, Jump Financial LLC increased its position in shares of Spotify Technology by 5.2% during the second quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock worth $869,000 after purchasing an additional 56 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Spotify Technology

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the sale, the chief executive officer directly owned 69,989 shares in the company, valued at $33,560,425.39. This trade represents a 7.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the completion of the transaction, the chief executive officer owned 20,609 shares in the company, valued at approximately $9,758,773.68. This represents a 50.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.40% of the stock is currently owned by company insiders.

Spotify Technology Stock Performance

SPOT opened at $483.91 on Tuesday. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The stock has a market capitalization of $99.63 billion, a PE ratio of 50.20, a P/E/G ratio of 1.07 and a beta of 1.70. The business’s 50 day moving average price is $489.25 and its 200 day moving average price is $570.65.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The company had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the firm earned $1.88 earnings per share. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. As a group, equities research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Moffett Nathanson initiated coverage on shares of Spotify Technology in a report on Tuesday, January 27th. They set a “neutral” rating and a $487.00 target price for the company. Benchmark cut their price objective on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a report on Friday, January 16th. UBS Group lowered their target price on Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a report on Friday, January 9th. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and dropped their price target for the company from $735.00 to $700.00 in a research report on Friday, January 23rd. Finally, Weiss Ratings lowered Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, February 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and an average target price of $699.00.

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.