Spotify Technology $SPOT Holdings Increased by Artisan Partners Limited Partnership

Artisan Partners Limited Partnership grew its stake in shares of Spotify Technology (NYSE:SPOT) by 3.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 974,087 shares of the company’s stock after acquiring an additional 33,630 shares during the period. Spotify Technology makes up about 0.8% of Artisan Partners Limited Partnership’s holdings, making the stock its 28th largest position. Artisan Partners Limited Partnership’s holdings in Spotify Technology were worth $565,662,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SPOT. KERR FINANCIAL PLANNING Corp acquired a new position in shares of Spotify Technology in the 3rd quarter worth approximately $26,000. JPL Wealth Management LLC acquired a new position in shares of Spotify Technology in the 3rd quarter worth approximately $35,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Spotify Technology in the 4th quarter worth approximately $35,000. Wilmington Savings Fund Society FSB grew its stake in shares of Spotify Technology by 85.7% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock worth $38,000 after purchasing an additional 30 shares during the last quarter. Finally, Kozak & Associates Inc. grew its stake in shares of Spotify Technology by 1,700.0% in the 4th quarter. Kozak & Associates Inc. now owns 72 shares of the company’s stock worth $39,000 after purchasing an additional 68 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the transaction, the director directly 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the business’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 transaction of $18,600,327.40. Following the transaction, the director directly owned 6,383 shares in the company, valued at $3,355,734.59. The trade was a 84.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 111,442 shares of company stock valued at $54,647,508 in the last three months. 0.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SPOT. Weiss Ratings raised shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 4th. Wells Fargo & Company lifted their price objective on shares of Spotify Technology from $580.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Morgan Stanley lifted their price objective on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Benchmark lowered their price objective on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Finally, The Goldman Sachs Group lowered their price objective on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $652.16.

Spotify Technology Price Performance

Spotify Technology stock opened at $470.81 on Wednesday. The firm’s 50 day simple moving average is $482.23 and its 200-day simple moving average is $508.74. The company has a market cap of $96.93 billion, a P/E ratio of 37.51, a price-to-earnings-growth ratio of 1.17 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 released its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share 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%. The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same period last year, the firm posted $1.07 earnings per share. On average, analysts expect that Spotify Technology will post 14.71 EPS for the current fiscal year.

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.