Spotify Technology $SPOT Shares Acquired by Capital International Investors

Capital International Investors lifted its position in shares of Spotify Technology (NYSE:SPOT) by 113.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 655,092 shares of the company’s stock after buying an additional 348,126 shares during the quarter. Capital International Investors owned approximately 0.32% of Spotify Technology worth $380,298,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in SPOT. Principal Financial Group Inc. raised its stake in Spotify Technology by 12.9% in the 4th quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock valued at $374,672,000 after purchasing an additional 73,722 shares during the last quarter. Vanguard Group Inc. raised its stake in Spotify Technology by 2.5% in the 3rd quarter. Vanguard Group Inc. now owns 1,005,882 shares of the company’s stock valued at $702,106,000 after purchasing an additional 24,199 shares during the last quarter. City Holding Co. raised its stake in Spotify Technology by 2,515.9% in the 4th quarter. City Holding Co. now owns 5,598 shares of the company’s stock valued at $3,251,000 after purchasing an additional 5,384 shares during the last quarter. ARK Investment Management LLC raised its stake in Spotify Technology by 8.2% in the 3rd quarter. ARK Investment Management LLC now owns 80,285 shares of the company’s stock valued at $56,039,000 after purchasing an additional 6,100 shares during the last quarter. Finally, Fisher Asset Management LLC raised its stake in Spotify Technology by 4.6% in the 3rd quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company’s stock valued at $1,816,632,000 after purchasing an additional 113,612 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

NYSE SPOT opened at $497.19 on Monday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The company has a 50-day moving average of $481.01 and a 200-day moving average of $514.19. The company has a market cap of $102.36 billion, a P/E ratio of 39.62, a P/E/G ratio of 1.21 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data 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 net margin of 15.56% and a return on equity of 35.73%. The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter in the prior year, the company posted $1.07 EPS. The company’s quarterly revenue was up 8.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Spotify Technology will post 14.72 EPS for the current year.

Insider Buying and Selling at Spotify Technology

In other news, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the sale, the chief executive officer owned 69,989 shares in the company, valued at approximately $33,560,425.39. The trade was a 7.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction dated 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 sale, the director owned 3,619 shares of the company’s stock, valued at $1,903,594. The trade was a 60.21% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 111,442 shares of company stock worth $54,647,508. Company insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on SPOT shares. Pivotal Research cut their target price on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a research note on Wednesday, April 29th. Canaccord Genuity Group dropped their price objective on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. KeyCorp dropped their price objective on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Finally, Cantor Fitzgerald upped their price objective on shares of Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research note on Tuesday, May 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $655.92.

About Spotify Technology

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.