Spotify Technology $SPOT Shares Bought by World Investment Advisors

World Investment Advisors grew its position in Spotify Technology (NYSE:SPOT) by 59.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,128 shares of the company’s stock after acquiring an additional 1,165 shares during the period. World Investment Advisors’ holdings in Spotify Technology were worth $1,816,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in SPOT. Sivia Capital Partners LLC acquired a new stake in Spotify Technology in the second quarter valued at about $312,000. Jump Financial LLC increased its position in Spotify Technology by 5.2% during the 2nd quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock worth $869,000 after purchasing an additional 56 shares during the period. Cary Street Partners Financial LLC acquired a new position in Spotify Technology during the 2nd quarter worth approximately $178,000. NewEdge Advisors LLC raised its stake in shares of Spotify Technology by 36.9% during the 2nd quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock worth $9,707,000 after buying an additional 3,412 shares in the last quarter. Finally, Glenview Trust co purchased a new position in shares of Spotify Technology during the 2nd quarter worth approximately $298,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $468.74 on Friday. The business’s 50 day simple moving average is $481.13 and its 200-day simple moving average is $506.59. The firm has a market capitalization of $96.50 billion, a price-to-earnings ratio of 37.35, a price-to-earnings-growth ratio of 1.14 and a beta of 1.56. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00.

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, topping 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 for the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter in the prior year, the firm posted $1.07 EPS. The company’s revenue was up 8.2% compared to the same quarter last year. On average, equities analysts anticipate that Spotify Technology will post 14.68 earnings per share for the current year.

Wall Street Analyst Weigh In

SPOT has been the subject of several recent analyst reports. Barclays raised their price target on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Morgan Stanley increased their price objective on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. KeyCorp reduced their target price on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. JPMorgan Chase & Co. boosted their target price on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Finally, Benchmark lowered their price target on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $652.16.

Insider Activity at Spotify Technology

In other Spotify Technology news, 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 sale, the director owned 4,039 shares of the company’s stock, valued at approximately $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas O. Staggs sold 5,477 shares of the firm’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total value of $2,880,902.00. Following the completion of the transaction, the director owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. This represents a 60.21% 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 90 days. 0.40% of the stock is owned by corporate insiders.

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.