93,927 Shares in Spotify Technology $SPOT Acquired by Epoch Investment Partners Inc.

Epoch Investment Partners Inc. purchased a new stake in Spotify Technology (NYSE:SPOT) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 93,927 shares of the company’s stock, valued at approximately $45,546,000.

Other hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its position in Spotify Technology by 12.9% in the fourth quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock valued at $374,672,000 after acquiring an additional 73,722 shares during the last quarter. City Holding Co. grew its holdings in shares of Spotify Technology by 2,515.9% during the fourth quarter. City Holding Co. now owns 5,598 shares of the company’s stock worth $3,251,000 after purchasing an additional 5,384 shares during the last quarter. SBI Okasan Asset Management Co.Ltd. acquired a new stake in shares of Spotify Technology during the fourth quarter worth about $1,162,000. Robeco Schweiz AG increased its position in shares of Spotify Technology by 37.6% during the fourth quarter. Robeco Schweiz AG now owns 18,544 shares of the company’s stock worth $10,769,000 after purchasing an additional 5,071 shares in the last quarter. Finally, Robinhood Asset Management LLC purchased a new stake in shares of Spotify Technology in the 4th quarter valued at about $8,233,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Shares of SPOT opened at $483.27 on Friday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $748.30. The firm has a 50-day simple moving average of $481.62 and a 200-day simple moving average of $488.36. The company has a market capitalization of $99.49 billion, a price-to-earnings ratio of 38.51, a price-to-earnings-growth ratio of 1.19 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.63. The firm had revenue of $5.25 billion for 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 firm’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.07 EPS. Equities research analysts forecast that Spotify Technology will post 14.51 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SPOT shares. Weiss Ratings cut Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. UBS Group cut their price target on Spotify Technology from $735.00 to $690.00 and set a “buy” rating on the stock in a research report on Friday, July 10th. The Goldman Sachs Group reduced their price objective on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Morgan Stanley increased their price objective on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Finally, Guggenheim lowered their target price on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $630.70.

Spotify Technology News Roundup

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

• Positive Sentiment: Several recent articles frame Spotify as a potentially attractive value or buy candidate compared with peers, which can support sentiment around the stock. XYZ or SPOT: Which Is the Better Value Stock Right Now?
• Positive Sentiment: Spotify is being highlighted as a trending stock with strong analyst interest, reinforcing the idea that Wall Street remains broadly constructive on the name. Is It Worth Investing in Spotify (SPOT) Based on Wall Street’s Bullish Views?
• Neutral Sentiment: Benchmark reportedly lowered its expectations for Spotify, which could temper enthusiasm but does not appear severe enough on its own to dominate trading. Benchmark Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price
• Negative Sentiment: A report that Spotify deleted more than 500,000 fake streams tied to Malcolm Todd has raised fraud and integrity concerns, which could be viewed as a reputational headwind for the platform. EXCLUSIVE: Spotify Deleted 500,000 Fake Malcolm Todd Streams. A Former SEC Lawyer Says the Bots May Have Committed a Federal Crime

Insider Activity at Spotify Technology

In other news, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total value of $2,880,902.00. Following the transaction, the director owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. The trade was a 60.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $478.45, for a total value of $9,967,548.85. Following the sale, the chief executive officer owned 20,259 shares of the company’s stock, valued at $9,692,918.55. This trade represents a 50.70% decrease in their position. 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 sold 111,442 shares of company stock worth $54,757,553 in the last ninety days. Company insiders own 0.40% of the company’s stock.

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.