Axiom Investors LLC DE Sells 279,277 Shares of Spotify Technology $SPOT

Axiom Investors LLC DE trimmed its holdings in shares of Spotify Technology (NYSE:SPOT) by 54.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 235,431 shares of the company’s stock after selling 279,277 shares during the quarter. Spotify Technology makes up 1.2% of Axiom Investors LLC DE’s holdings, making the stock its 20th largest holding. Axiom Investors LLC DE’s holdings in Spotify Technology were worth $136,717,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. State Street Corp increased its stake in Spotify Technology by 1.1% during the 3rd quarter. State Street Corp now owns 4,622,298 shares of the company’s stock worth $3,226,364,000 after purchasing an additional 48,070 shares in the last quarter. Capital World Investors increased its stake in Spotify Technology by 4.9% during the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock worth $1,663,024,000 after purchasing an additional 133,108 shares in the last quarter. Fisher Asset Management LLC increased its stake in Spotify Technology by 2.4% during the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock worth $1,547,890,000 after purchasing an additional 62,887 shares in the last quarter. Coatue Management LLC increased its stake in Spotify Technology by 13.3% during the 3rd quarter. Coatue Management LLC now owns 1,803,173 shares of the company’s stock worth $1,258,615,000 after purchasing an additional 212,006 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Spotify Technology by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 1,720,259 shares of the company’s stock worth $991,223,000 after purchasing an additional 93,274 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total value of $9,864,842.16. Following the sale, the chief executive officer directly owned 20,609 shares of the company’s stock, valued at $9,758,773.68. This represents a 50.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 111,442 shares of company stock valued at $54,647,508 in the last ninety days. 0.40% of the stock is currently owned by insiders.

Spotify Technology Trading Down 1.3%

NYSE:SPOT opened at $496.56 on Wednesday. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The firm has a fifty day simple moving average of $481.98 and a 200 day simple moving average of $512.39. The stock has a market capitalization of $102.23 billion, a PE ratio of 39.57, a P/E/G ratio of 1.23 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share 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 business had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same period last year, the business earned $1.07 earnings per share. The firm’s revenue was up 8.2% on a year-over-year basis. On average, equities analysts predict that Spotify Technology will post 14.72 earnings per share for the current fiscal year.

Analyst Ratings Changes

SPOT has been the subject of a number of research reports. Daiwa Securities Group began coverage on Spotify Technology in a research note on Thursday, March 26th. They set an “outperform” rating and a $535.00 target price for the company. Guggenheim decreased their price target on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. The Goldman Sachs Group decreased their price target on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Citizens Jmp raised their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research note on Friday, May 22nd. Finally, Cantor Fitzgerald raised their price target on shares of Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $655.92.

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.