Arrow Capital Management LLC Purchases New Shares in Spotify Technology $SPOT

Arrow Capital Management LLC purchased a new position in Spotify Technology (NYSE:SPOT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 11,970 shares of the company’s stock, valued at approximately $6,951,000. Spotify Technology makes up about 4.0% of Arrow Capital Management LLC’s portfolio, making the stock its 9th biggest holding.

A number of other large investors also recently added to or reduced their stakes in SPOT. Principal Financial Group Inc. grew its position in shares of Spotify Technology by 12.9% in the fourth 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. increased its stake in shares of Spotify Technology by 2.5% during the 3rd quarter. Vanguard Group Inc. now owns 1,005,882 shares of the company’s stock worth $702,106,000 after purchasing an additional 24,199 shares in the last quarter. City Holding Co. raised its position in shares of Spotify Technology by 2,515.9% during the 4th quarter. City Holding Co. now owns 5,598 shares of the company’s stock worth $3,251,000 after purchasing an additional 5,384 shares during the last quarter. ARK Investment Management LLC raised its position in shares of Spotify Technology by 8.2% during the 3rd quarter. ARK Investment Management LLC now owns 80,285 shares of the company’s stock worth $56,039,000 after purchasing an additional 6,100 shares during the last quarter. Finally, Fisher Asset Management LLC lifted 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 buying an additional 113,612 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Spotify Technology news, Director Thomas O. Staggs sold 5,477 shares of the firm’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 directly owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction dated 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 completion of 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 position. The SEC filing for this sale provides additional information. Insiders sold a total of 111,442 shares of company stock valued at $54,647,508 in the last three months. Company insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on SPOT shares. Barclays increased 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 upped their price objective on Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research report on Friday, May 22nd. Benchmark decreased their price objective on Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Arete Research upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective for the company in a research report on Thursday, February 26th. Finally, JPMorgan Chase & Co. boosted their target price 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. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $652.16.

Spotify Technology Stock Performance

Shares of SPOT opened at $468.74 on Friday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The company has a market capitalization of $96.50 billion, a PE ratio of 37.35, a price-to-earnings-growth ratio of 1.11 and a beta of 1.56. The stock has a fifty day moving average of $481.41 and a two-hundred day moving average of $506.85.

Spotify Technology (NYSE:SPOT) last posted 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 analysts’ expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business’s revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.07 earnings per share. As a group, equities research analysts forecast that Spotify Technology will post 14.68 earnings per share for the current fiscal year.

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.