Taikang Asset Management Hong Kong Co Ltd Increases Stock Position in Spotify Technology $SPOT

Taikang Asset Management Hong Kong Co Ltd boosted its position in Spotify Technology (NYSE:SPOT) by 57.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 16,918 shares of the company’s stock after acquiring an additional 6,188 shares during the period. Taikang Asset Management Hong Kong Co Ltd’s holdings in Spotify Technology were worth $9,824,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Principal Financial Group Inc. grew its stake in shares of Spotify Technology by 12.9% in the fourth quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock worth $374,672,000 after purchasing an additional 73,722 shares during the last quarter. Vanguard Group Inc. raised its position in Spotify Technology by 2.5% during the 3rd quarter. Vanguard Group Inc. now owns 1,005,882 shares of the company’s stock valued at $702,106,000 after purchasing an additional 24,199 shares during the last quarter. City Holding Co. lifted its holdings in Spotify Technology by 2,515.9% in the 4th quarter. City Holding Co. now owns 5,598 shares of the company’s stock worth $3,251,000 after buying an additional 5,384 shares during the period. ARK Investment Management LLC grew its position in shares of Spotify Technology by 8.2% in the 3rd quarter. ARK Investment Management LLC now owns 80,285 shares of the company’s stock worth $56,039,000 after buying an additional 6,100 shares during the last quarter. Finally, Fisher Asset Management LLC grew its position in shares of Spotify Technology by 4.6% in the 3rd quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company’s stock worth $1,816,632,000 after buying an additional 113,612 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Insider Activity

In other news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the sale, the director directly owned 6,383 shares of the company’s stock, valued at $3,355,734.59. This represents a 84.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $496.52, for a total transaction of $10,344,001.16. Following the completion of the transaction, the chief executive officer owned 20,376 shares of the company’s stock, valued at approximately $10,117,091.52. The trade was a 50.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 111,442 shares of company stock worth $54,647,508. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SPOT shares. Wall Street Zen downgraded Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday. Daiwa Securities Group started coverage on shares of Spotify Technology in a report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price target on the stock. KeyCorp reduced their price objective on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 29th. Canaccord Genuity Group decreased their price objective on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Finally, Benchmark dropped their target price 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. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $652.16.

Spotify Technology Stock Down 1.9%

SPOT opened at $470.81 on Wednesday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The stock has a market cap of $96.93 billion, a PE ratio of 37.51, a PEG ratio of 1.17 and a beta of 1.56. The business has a 50 day moving average of $482.23 and a 200-day moving average of $508.74.

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, topping the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.07 earnings per share. Equities analysts anticipate that Spotify Technology will post 14.71 EPS for the current year.

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.