Capital Research Global Investors Increases Stock Position in Spotify Technology $SPOT

Capital Research Global Investors boosted its stake in shares of Spotify Technology (NYSE:SPOT) by 3.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 762,215 shares of the company’s stock after buying an additional 28,418 shares during the quarter. Capital Research Global Investors owned 0.37% of Spotify Technology worth $442,626,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Quadcap Wealth Management LLC boosted its stake in Spotify Technology by 5.7% during the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock worth $206,000 after buying an additional 16 shares during the period. Sagespring Wealth Partners LLC boosted its stake in Spotify Technology by 2.9% during the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock worth $370,000 after buying an additional 18 shares during the period. Ameritas Advisory Services LLC boosted its stake in Spotify Technology by 7.9% during the third quarter. Ameritas Advisory Services LLC now owns 260 shares of the company’s stock worth $181,000 after buying an additional 19 shares during the period. Aprio Wealth Management LLC boosted its stake in Spotify Technology by 3.1% during the third quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock worth $442,000 after buying an additional 19 shares during the period. Finally, Petra Financial Advisors Inc. boosted its stake in Spotify Technology by 1.2% during the third quarter. Petra Financial Advisors Inc. now owns 1,639 shares of the company’s stock worth $1,144,000 after buying an additional 20 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on SPOT shares. Daiwa Securities Group started coverage on shares of Spotify Technology in a research report on Thursday, March 26th. They set an “outperform” rating and a $535.00 price target on the stock. Benchmark reduced their price target 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. JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Citizens Jmp increased their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research report on Friday, May 22nd. Finally, Canaccord Genuity Group reduced their price target on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $655.92.

Insider Transactions at Spotify Technology

In related news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the sale, the director owned 6,383 shares of the company’s stock, valued at $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Christopher P. Marshall sold 2,650 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the sale, the director directly owned 4,039 shares in the company, valued at approximately $2,099,714.54. This trade represents a 39.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 111,442 shares of company stock valued at $54,647,508 over the last quarter. Insiders own 0.40% of the company’s stock.

Spotify Technology Stock Up 0.0%

Shares of NYSE:SPOT opened at $497.19 on Monday. The firm’s 50 day moving average price is $481.01 and its 200 day moving average price is $514.19. The stock has a market cap of $102.36 billion, a price-to-earnings ratio of 39.62, a price-to-earnings-growth ratio of 1.21 and a beta of 1.56. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share 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 net margin of 15.56% and a return on equity of 35.73%. The firm’s revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.07 earnings per share. On average, equities analysts anticipate that Spotify Technology will post 14.72 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.