Spotify Technology $SPOT is Baillie Gifford & Co.’s 6th Largest Position

Baillie Gifford & Co. cut its holdings in Spotify Technology (NYSE:SPOT) by 4.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,331,104 shares of the company’s stock after selling 364,244 shares during the quarter. Spotify Technology accounts for approximately 4.0% of Baillie Gifford & Co.’s investment portfolio, making the stock its 6th largest position. Baillie Gifford & Co. owned 4.05% of Spotify Technology worth $4,837,955,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Helios Capital Management PTE. Ltd. boosted its stake in Spotify Technology by 56.3% during the third quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock worth $5,235,000 after buying an additional 2,700 shares during the period. Bessemer Group Inc. boosted its stake in Spotify Technology by 35.1% during the third quarter. Bessemer Group Inc. now owns 682,639 shares of the company’s stock worth $476,483,000 after buying an additional 177,310 shares during the period. Truxt Investmentos Ltda. purchased a new position in Spotify Technology during the third quarter worth $2,093,000. Ownership Capital B.V. purchased a new position in Spotify Technology during the third quarter worth $2,769,000. Finally, Vanguard Group Inc. boosted its stake in Spotify Technology by 2.5% during the third quarter. Vanguard Group Inc. now owns 1,005,882 shares of the company’s stock worth $702,106,000 after buying an additional 24,199 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 0.0%

NYSE:SPOT opened at $475.87 on Monday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The company has a market cap of $97.97 billion, a price-to-earnings ratio of 49.36, a price-to-earnings-growth ratio of 1.06 and a beta of 1.70. The stock has a fifty day simple moving average of $487.30 and a 200-day simple moving average of $563.81.

Spotify Technology (NYSE:SPOT) last released its earnings results on Wednesday, February 11th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The business had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period last year, the company earned $1.88 earnings per share. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, equities research analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on SPOT shares. Wells Fargo & Company dropped their price objective on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a research note on Tuesday, January 13th. Barclays dropped their price objective on shares of Spotify Technology from $650.00 to $600.00 and set an “overweight” rating for the company in a research note on Wednesday, April 8th. Weiss Ratings lowered shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, February 26th. Daiwa Securities Group started coverage on shares of Spotify Technology in a research note on Thursday, March 26th. They set an “outperform” rating and a $535.00 price objective for the company. Finally, Moffett Nathanson began coverage on shares of Spotify Technology in a research note on Tuesday, January 27th. They set a “neutral” rating and a $487.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $697.33.

Insider Buying and Selling at Spotify Technology

In other news, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction on 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 in the company, valued at approximately $33,560,425.39. This trade represents a 7.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total value of $9,864,842.16. Following the sale, the chief executive officer owned 20,609 shares of the company’s stock, valued at approximately $9,758,773.68. This trade represents a 50.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.40% of the stock is currently owned by company insiders.

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.