ACT Capital Management LLC Invests $2.32 Million in Spotify Technology $SPOT

ACT Capital Management LLC bought a new position in shares of Spotify Technology (NYSE:SPOT) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 4,000 shares of the company’s stock, valued at approximately $2,323,000. Spotify Technology accounts for 1.9% of ACT Capital Management LLC’s investment portfolio, making the stock its 16th biggest position.

A number of other institutional investors have also modified their holdings of SPOT. Norges Bank purchased a new stake in shares of Spotify Technology during the 4th quarter worth about $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Spotify Technology by 1,382.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company’s stock worth $724,251,000 after acquiring an additional 1,163,045 shares in the last quarter. Capital World Investors lifted its position in Spotify Technology by 40.7% during the 3rd quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after acquiring an additional 789,755 shares in the last quarter. Capital Research Global Investors acquired a new position in Spotify Technology during the 3rd quarter worth approximately $512,190,000. 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 in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Insider Activity

In related news, Director Thomas O. Staggs sold 5,477 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the completion of the transaction, the director directly owned 3,619 shares in the company, valued at $1,903,594. This represents a 60.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Christopher P. Marshall sold 2,650 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the transaction, the director owned 4,039 shares of the company’s stock, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 111,442 shares of company stock worth $54,647,508 over the last 90 days. Insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. JPMorgan Chase & Co. boosted their price target on Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Rosenblatt Securities upped their target price on Spotify Technology from $500.00 to $534.00 and gave the company a “neutral” rating in a research report on Friday, May 22nd. Canaccord Genuity Group cut their target price on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. KeyCorp cut their target price on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 29th. Finally, Weiss Ratings raised Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 4th. Two research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $652.16.

Spotify Technology Trading Down 2.8%

Shares of NYSE SPOT opened at $456.54 on Thursday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The company has a market capitalization of $93.99 billion, a price-to-earnings ratio of 36.38, a price-to-earnings-growth ratio of 1.15 and a beta of 1.56. The business has a 50 day simple moving average of $481.68 and a 200-day simple moving average of $507.77.

Spotify Technology (NYSE:SPOT) last issued 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. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same period in the previous year, the business earned $1.07 EPS. The business’s quarterly revenue was up 8.2% on a year-over-year basis. As a group, equities analysts predict that Spotify Technology will post 14.68 earnings per share for the current 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.