ABN Amro Investment Solutions Takes $26.93 Million Position in Spotify Technology $SPOT

ABN Amro Investment Solutions purchased a new position in shares of Spotify Technology (NYSE:SPOT) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 55,545 shares of the company’s stock, valued at approximately $26,934,000.

Other institutional investors and hedge funds have also modified their holdings of the company. State Street Corp boosted its stake in Spotify Technology by 1.9% in the fourth quarter. State Street Corp now owns 4,712,249 shares of the company’s stock valued at $2,736,450,000 after buying an additional 89,951 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Spotify Technology by 4.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock worth $2,247,042,000 after acquiring an additional 149,479 shares during the last quarter. Capital World Investors lifted its holdings in shares of Spotify Technology by 4.9% in the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock worth $1,663,024,000 after acquiring an additional 133,108 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of Spotify Technology by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock valued at $1,547,890,000 after purchasing an additional 62,887 shares in the last quarter. Finally, Coatue Management LLC grew its holdings in shares of Spotify Technology by 35.9% during the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock valued at $1,423,251,000 after purchasing an additional 647,708 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Benchmark lowered their price objective on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Morgan Stanley boosted their target price on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Wall Street Zen upgraded Spotify Technology from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Finally, The Goldman Sachs Group cut their price objective on Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $638.58.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, Director Thomas O. Staggs sold 5,477 shares of the stock in a transaction that occurred 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 transaction, the director directly owned 3,619 shares in the company, valued at approximately $1,903,594. This represents a 60.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $478.45, for a total transaction of $9,967,548.85. Following the completion of the sale, the chief executive officer owned 20,259 shares of the company’s stock, valued at $9,692,918.55. The trade was a 50.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 111,442 shares of company stock valued at $54,757,553 over the last ninety days. Insiders own 0.40% of the company’s stock.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $493.37 on Wednesday. The company has a 50 day simple moving average of $479.05 and a 200 day simple moving average of $489.88. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30. The firm has a market cap of $101.57 billion, a PE ratio of 39.31, a price-to-earnings-growth ratio of 1.22 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping the consensus estimate of $3.41 by $0.63. The firm had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.07 EPS. As a group, research analysts anticipate that Spotify Technology will post 14.51 earnings per share for the current fiscal 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.