Spotify Technology $SPOT Shares Acquired by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. raised its holdings in shares of Spotify Technology (NYSE:SPOT) by 5.7% in the first quarter, Holdings Channel.com reports. The firm owned 172,409 shares of the company’s stock after buying an additional 9,352 shares during the period. Assenagon Asset Management S.A.’s holdings in Spotify Technology were worth $83,603,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. grew its stake in Spotify Technology by 12.9% in the fourth quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock worth $374,672,000 after purchasing an additional 73,722 shares in the last quarter. City Holding Co. lifted its holdings in 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 buying an additional 5,384 shares during the last quarter. ARK Investment Management LLC grew its position in shares of Spotify Technology by 8.2% in the 3rd quarter. ARK Investment Management LLC now owns 80,285 shares of the company’s stock worth $56,039,000 after acquiring an additional 6,100 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of 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 acquiring an additional 113,612 shares during the last quarter. Finally, CI Investments Inc. increased its holdings in shares of Spotify Technology by 101.3% in the 3rd quarter. CI Investments Inc. now owns 101,829 shares of the company’s stock valued at $71,077,000 after acquiring an additional 51,247 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Spotify Technology news, Director Christopher P. Marshall sold 2,650 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the transaction, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the transaction, the director directly owned 6,383 shares of the company’s stock, valued at approximately $3,355,734.59. The trade was a 84.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 111,442 shares of company stock worth $54,647,508 over the last ninety days. 0.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

SPOT has been the subject of a number of research reports. Cantor Fitzgerald lifted their price objective on shares of Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a report on Tuesday, May 26th. Rosenblatt Securities lifted their price target on shares of Spotify Technology from $500.00 to $534.00 and gave the company a “neutral” rating in a report on Friday, May 22nd. Daiwa Securities Group started coverage on shares of Spotify Technology in a research note on Thursday, March 26th. They set an “outperform” rating and a $535.00 price objective on the stock. Guggenheim cut their target price on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Finally, Arete Research raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 target price for the company in a report on Thursday, February 26th. Two analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $652.16.

Spotify Technology Trading Down 0.1%

NYSE SPOT opened at $454.83 on Thursday. The company has a 50-day moving average price of $479.21 and a two-hundred day moving average price of $503.81. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The stock has a market cap of $93.64 billion, a price-to-earnings ratio of 36.24, a price-to-earnings-growth ratio of 1.11 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. The company 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 for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.07 earnings per share. As a group, equities research analysts expect that Spotify Technology will post 14.68 earnings per share 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.