Spotify Technology $SPOT Stock Holdings Lifted by Swiss Life Asset Management Ltd

Swiss Life Asset Management Ltd grew its stake in shares of Spotify Technology (NYSE:SPOT) by 5.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 25,070 shares of the company’s stock after acquiring an additional 1,333 shares during the period. Swiss Life Asset Management Ltd’s holdings in Spotify Technology were worth $14,558,000 at the end of the most recent reporting period.

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

Spotify Technology Stock Performance

Spotify Technology stock opened at $419.42 on Tuesday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The firm has a market cap of $86.35 billion, a PE ratio of 33.42, a P/E/G ratio of 1.03 and a beta of 1.55. The firm’s 50 day moving average price is $494.33 and its two-hundred day moving average price is $536.18.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same quarter last year, the business posted $1.07 EPS. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. Equities analysts anticipate that Spotify Technology will post 14.59 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have commented on SPOT. Wells Fargo & Company decreased their target price on shares of Spotify Technology from $640.00 to $580.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Weiss Ratings upgraded shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 4th. Moffett Nathanson assumed coverage on shares of Spotify Technology in a research report on Tuesday, January 27th. They set a “neutral” rating and a $487.00 price objective on the stock. Daiwa Securities Group started coverage on Spotify Technology in a report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 target price for the company. Finally, KeyCorp lowered their price target on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $645.77.

Insiders Place Their Bets

In other news, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the sale, the chief executive officer directly owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This trade represents a 7.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total value of $8,973,189.76. Following the sale, the chief executive officer owned 20,492 shares of the company’s stock, valued at approximately $8,826,314.24. This represents a 50.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 47,102 shares of company stock valued at $21,444,648. Insiders own 0.40% of the company’s stock.

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.