Spotify Technology $SPOT Shares Purchased by Groupama Asset Managment

Groupama Asset Managment lifted its position in Spotify Technology (NYSE:SPOT) by 969.7% in the fourth quarter, HoldingsChannel reports. The firm owned 3,102 shares of the company’s stock after buying an additional 2,812 shares during the period. Groupama Asset Managment’s holdings in Spotify Technology were worth $1,801,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in Spotify Technology in the 4th quarter valued at about $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Spotify Technology by 1,382.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company’s stock worth $724,251,000 after buying an additional 1,163,045 shares during the last quarter. Capital World Investors increased its holdings in shares of Spotify Technology by 40.7% during the 3rd quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after buying an additional 789,755 shares during the last quarter. Capital Research Global Investors purchased a new stake in shares of Spotify Technology during the 3rd quarter valued at approximately $512,190,000. Finally, Coatue Management LLC raised its position 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 valued at $1,423,251,000 after buying an additional 647,708 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Up 0.1%

NYSE:SPOT opened at $468.74 on Friday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The stock’s fifty day moving average is $481.13 and its two-hundred day moving average is $506.59. The stock has a market capitalization of $96.50 billion, a price-to-earnings ratio of 37.35, a price-to-earnings-growth ratio of 1.14 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data 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. The business had revenue of $5.25 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the firm posted $1.07 earnings per share. On average, sell-side analysts expect that Spotify Technology will post 14.68 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on SPOT shares. Wall Street Zen lowered Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. Rosenblatt Securities upped their price target on Spotify Technology from $500.00 to $534.00 and gave the company a “neutral” rating in a research note on Friday, May 22nd. Pivotal Research lowered their price target on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. KeyCorp cut their price objective 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. Finally, Benchmark decreased their target price on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $652.16.

Insider Activity at Spotify Technology

In other Spotify Technology news, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology 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 directly owned 4,039 shares of the company’s stock, valued at $2,099,714.54. The trade was a 39.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the sale, the director owned 3,619 shares in the company, valued at $1,903,594. This trade represents a 60.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 111,442 shares of company stock worth $54,647,508 over the last ninety days. Company insiders own 0.40% of the company’s stock.

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.