Sei Investments Co. Purchases 13,381 Shares of Spotify Technology $SPOT

Sei Investments Co. raised its position in shares of Spotify Technology (NYSE:SPOT) by 1.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 749,495 shares of the company’s stock after buying an additional 13,381 shares during the period. Sei Investments Co. owned about 0.36% of Spotify Technology worth $363,415,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in SPOT. State Street Corp boosted its holdings in shares of Spotify Technology by 1.9% during the fourth quarter. State Street Corp now owns 4,712,249 shares of the company’s stock worth $2,736,450,000 after purchasing an additional 89,951 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Spotify Technology by 4.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock worth $2,247,042,000 after purchasing an additional 149,479 shares during the last quarter. Capital World Investors increased its holdings in Spotify Technology by 4.9% during the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock valued at $1,663,024,000 after purchasing an additional 133,108 shares during the period. Fisher Asset Management LLC increased its holdings in Spotify Technology by 2.4% during the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock valued at $1,547,890,000 after purchasing an additional 62,887 shares during the period. Finally, Coatue Management LLC raised its position in 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 purchasing an additional 647,708 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Insiders Place Their Bets

In other Spotify Technology news, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction on 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 owned 4,039 shares in the company, valued at approximately $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $480.86, for a total value of $2,613,954.96. Following the transaction, the chief executive officer directly owned 67,582 shares of the company’s stock, valued at $32,497,480.52. This represents a 7.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 111,442 shares of company stock valued at $54,757,553 in the last 90 days. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Stock Performance

SPOT stock opened at $474.72 on Thursday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $748.30. The business’s 50 day moving average price is $479.93 and its two-hundred day moving average price is $489.13. The company has a market capitalization of $97.74 billion, a price-to-earnings ratio of 37.83, a price-to-earnings-growth ratio of 1.22 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter last year, the business posted $1.07 EPS. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. Sell-side analysts forecast that Spotify Technology will post 14.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SPOT shares. The Goldman Sachs Group dropped their price objective on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Guggenheim reduced their target price on Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Barclays upped their target price on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Citizens Jmp raised their price target on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research note on Friday, May 22nd. Finally, Wall Street Zen upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $630.70.

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.