29,194 Shares in Spotify Technology $SPOT Bought by HS Management Partners LLC

HS Management Partners LLC acquired a new stake in Spotify Technology (NYSE:SPOT) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 29,194 shares of the company’s stock, valued at approximately $13,404,000. Spotify Technology makes up 4.6% of HS Management Partners LLC’s portfolio, making the stock its 11th largest position.

Other hedge funds have also recently made changes to their positions in the company. Quadcap Wealth Management LLC raised its stake in Spotify Technology by 5.7% during the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock valued at $206,000 after purchasing an additional 16 shares during the period. Objectivity Squared LLC boosted its stake in Spotify Technology by 0.8% in the 4th 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 period. Condor Capital Management boosted its stake in Spotify Technology by 2.6% in the 4th quarter. Condor Capital Management now owns 990 shares of the company’s stock worth $575,000 after purchasing an additional 25 shares during the period. Carl P. Sherr & Co. LLC grew its holdings in Spotify Technology by 0.7% during the 1st quarter. Carl P. Sherr & Co. LLC now owns 4,138 shares of the company’s stock valued at $2,007,000 after buying an additional 27 shares in the last quarter. Finally, Legacy Advisors LLC grew its holdings in Spotify Technology by 1.1% during the 4th quarter. Legacy Advisors LLC now owns 2,622 shares of the company’s stock valued at $1,523,000 after buying an additional 28 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. The Goldman Sachs Group lowered their target price on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Citizens Jmp raised their target price on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research note on Friday, May 22nd. Weiss Ratings cut shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Wells Fargo & Company decreased their price target on shares of Spotify Technology from $600.00 to $570.00 and set an “overweight” rating on the stock in a research note on Thursday, July 9th. Finally, Barclays increased their price objective on shares of Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $609.05.

Insider Transactions at Spotify Technology

In related news, CEO Alex Norstrom 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 transaction 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Thomas O. Staggs sold 5,477 shares of the 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 completion of the sale, the director directly 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 SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 116,878 shares of company stock worth $59,081,110. 0.40% of the stock is currently owned by insiders.

Spotify Technology Stock Performance

NYSE:SPOT opened at $516.46 on Wednesday. The stock’s fifty day moving average is $483.66 and its 200 day moving average is $484.73. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $745.00. The firm has a market capitalization of $106.33 billion, a PE ratio of 32.16, a PEG ratio of 1.26 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $2.98 EPS for the quarter, missing the consensus estimate of $3.16 by ($0.18). Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The firm had revenue of $5.45 billion for the quarter, compared to analysts’ expectations of $5.47 billion. During the same period in the previous year, the firm earned ($0.42) earnings per share. The firm’s quarterly revenue was up 13.9% compared to the same quarter last year. Equities analysts forecast that Spotify Technology will post 14.3 EPS for the current 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.