13,319 Shares in Spotify Technology $SPOT Purchased by HS Management Partners LLC

HS Management Partners LLC acquired a new position in shares of Spotify Technology (NYSE:SPOT) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 13,319 shares of the company’s stock, valued at approximately $6,459,000. Spotify Technology makes up approximately 2.3% of HS Management Partners LLC’s holdings, making the stock its 22nd largest position.

Several other hedge funds have also recently bought and sold shares of the company. KERR FINANCIAL PLANNING Corp bought a new position in Spotify Technology in the third quarter valued at approximately $26,000. JPL Wealth Management LLC acquired a new position in Spotify Technology during the third quarter valued at approximately $35,000. Kemnay Advisory Services Inc. bought a new stake in Spotify Technology during the fourth quarter worth $32,000. Newbridge Financial Services Group Inc. bought a new stake in Spotify Technology during the fourth quarter worth $35,000. Finally, Osbon Capital Management LLC acquired a new stake in shares of Spotify Technology in the 4th quarter valued at $35,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Performance

NYSE SPOT opened at $485.14 on Friday. The firm’s fifty day moving average price is $470.66 and its two-hundred day moving average price is $498.40. The stock has a market cap of $99.88 billion, a PE ratio of 38.66, a PEG ratio of 1.19 and a beta of 1.56. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $748.30.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results 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 return on equity of 35.73% and a net margin of 15.56%.The company had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same period in the prior year, the company earned $1.07 EPS. Spotify Technology’s revenue was up 8.2% compared to the same quarter last year. As a group, sell-side analysts predict that Spotify Technology will post 14.62 earnings per share for the current fiscal year.

Insider Transactions at Spotify Technology

In other news, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction dated 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 sale, the director directly owned 4,039 shares of the company’s stock, valued at approximately $2,099,714.54. This trade represents a 39.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the business’s stock in a transaction dated 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 sale, the director owned 6,383 shares in the company, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 85,173 shares of company stock worth $42,176,049 in the last 90 days. 0.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on SPOT shares. Wells Fargo & Company lifted their price target on Spotify Technology from $580.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Wall Street Zen downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. Rosenblatt Securities raised their price objective on Spotify Technology from $500.00 to $534.00 and gave the company a “neutral” rating in a research note on Friday, May 22nd. Barclays lifted their target price on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Finally, Guggenheim lowered their target price on Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $641.83.

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.