Capital World Investors Acquires 133,108 Shares of Spotify Technology $SPOT

Capital World Investors boosted its holdings in shares of Spotify Technology (NYSE:SPOT) by 4.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,863,821 shares of the company’s stock after acquiring an additional 133,108 shares during the quarter. Capital World Investors owned approximately 1.39% of Spotify Technology worth $1,663,024,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPOT. Sivia Capital Partners LLC bought a new position in Spotify Technology during the second quarter valued at approximately $312,000. Jump Financial LLC raised its position in shares of Spotify Technology by 5.2% in the second quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock valued at $869,000 after purchasing an additional 56 shares during the period. Cary Street Partners Financial LLC bought a new position in shares of Spotify Technology in the second quarter valued at approximately $178,000. NewEdge Advisors LLC raised its position in shares of Spotify Technology by 36.9% in the second quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock valued at $9,707,000 after purchasing an additional 3,412 shares during the period. Finally, Glenview Trust co bought a new position in shares of Spotify Technology in the second quarter valued at approximately $298,000. Institutional investors own 84.09% of the company’s stock.

Insiders Place Their Bets

In other news, Director Christopher P. Marshall sold 2,650 shares of the firm’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total value of $1,377,629.00. Following the sale, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. This trade represents a 39.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Thomas O. Staggs sold 5,477 shares of the firm’s stock in a transaction on 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 owned 3,619 shares in the company, valued at approximately $1,903,594. The trade was a 60.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 111,442 shares of company stock valued at $54,647,508 in the last 90 days. 0.40% of the stock is currently owned by corporate insiders.

Spotify Technology Trading Up 0.7%

Shares of Spotify Technology stock opened at $497.19 on Friday. The company’s fifty day simple moving average is $481.01 and its 200-day simple moving average is $515.08. The company has a market cap of $102.36 billion, a price-to-earnings ratio of 39.62, a PEG ratio of 1.21 and a beta of 1.56. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data 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 business had revenue of $5.25 billion for 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%. Spotify Technology’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the company posted $1.07 earnings per share. As a group, research analysts forecast that Spotify Technology will post 14.72 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Citizens Jmp lifted their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research report on Friday, May 22nd. Wall Street Zen raised shares of Spotify Technology from a “hold” rating to a “buy” rating in a research report on Saturday, May 30th. Barclays lifted their price target on shares of Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Arete Research raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target on the stock in a research report on Thursday, February 26th. Finally, Cantor Fitzgerald lifted their price target on shares of Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $655.92.

Spotify Technology 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.