Rockefeller Capital Management L.P. Buys 22,348 Shares of Spotify Technology $SPOT

Rockefeller Capital Management L.P. increased its stake in shares of Spotify Technology (NYSE:SPOT) by 34.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 87,319 shares of the company’s stock after acquiring an additional 22,348 shares during the period. Rockefeller Capital Management L.P.’s holdings in Spotify Technology were worth $50,707,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. State Street Corp lifted its stake in shares of Spotify Technology by 1.9% in the fourth quarter. State Street Corp now owns 4,712,249 shares of the company’s stock worth $2,736,450,000 after buying an additional 89,951 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Spotify Technology by 4.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock valued at $2,247,042,000 after buying an additional 149,479 shares during the last quarter. Capital World Investors grew its stake in Spotify Technology by 4.9% in the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock valued at $1,663,024,000 after buying an additional 133,108 shares during the last quarter. Fisher Asset Management LLC raised its holdings in Spotify Technology by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock worth $1,547,890,000 after acquiring an additional 62,887 shares during the period. Finally, Coatue Management LLC lifted 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 worth $1,423,251,000 after acquiring an additional 647,708 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Thomas O. Staggs sold 5,477 shares of the firm’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 completion of the sale, the director owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology 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 completion of the transaction, 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 111,442 shares of company stock worth $54,647,508 over the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on SPOT shares. Wall Street Zen downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. Benchmark lowered their target price on Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Guggenheim dropped their price target on Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Wells Fargo & Company upped their price target on Spotify Technology from $580.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Finally, Pivotal Research reduced their price objective on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a research report 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, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $652.16.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $468.74 on Friday. The stock has a market cap of $96.50 billion, a price-to-earnings ratio of 37.35, a P/E/G ratio of 1.14 and a beta of 1.56. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00. The firm has a fifty day moving average of $481.13 and a 200-day moving average of $506.59.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter in the previous year, the company earned $1.07 EPS. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. On average, sell-side analysts predict that Spotify Technology will post 14.68 earnings per share 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.