Asio Capital LLC Raises Stock Holdings in Spotify Technology $SPOT

Asio Capital LLC raised its holdings in Spotify Technology (NYSE:SPOT) by 52.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,847 shares of the company’s stock after purchasing an additional 2,344 shares during the quarter. Asio Capital LLC’s holdings in Spotify Technology were worth $3,976,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. State Street Corp increased its stake in Spotify Technology by 1.1% in the third quarter. State Street Corp now owns 4,622,298 shares of the company’s stock valued at $3,226,364,000 after purchasing an additional 48,070 shares during the period. Capital World Investors increased its stake in Spotify Technology by 40.7% in the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock valued at $1,906,260,000 after purchasing an additional 789,755 shares during the period. Fisher Asset Management LLC grew its stake 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 valued at $1,816,632,000 after purchasing an additional 113,612 shares during the last quarter. Coatue Management LLC grew its stake in shares of Spotify Technology by 13.3% in the 3rd quarter. Coatue Management LLC now owns 1,803,173 shares of the company’s stock valued at $1,258,615,000 after purchasing an additional 212,006 shares during the last quarter. Finally, Sands Capital Management LLC grew its stake in shares of Spotify Technology by 14.2% in the 3rd quarter. Sands Capital Management LLC now owns 1,547,640 shares of the company’s stock valued at $1,080,253,000 after purchasing an additional 192,837 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SPOT. UBS Group lowered their target price on Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research note on Friday, January 9th. Barclays lifted their target price on Spotify Technology from $625.00 to $650.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. Pivotal Research downgraded Spotify Technology from a “buy” rating to a “hold” rating and lowered their target price for the company from $875.00 to $420.00 in a research note on Wednesday, February 11th. Benchmark reduced their target price on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a research note on Friday, January 16th. Finally, Moffett Nathanson started coverage on shares of Spotify Technology in a research note on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 target price for the company. Two research 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. According to MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average target price of $699.00.

Spotify Technology Trading Down 0.5%

Shares of SPOT stock opened at $482.21 on Wednesday. The company has a market cap of $99.28 billion, a price-to-earnings ratio of 50.02, a price-to-earnings-growth ratio of 1.07 and a beta of 1.70. The stock has a 50 day simple moving average of $488.66 and a 200-day simple moving average of $568.87. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00.

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

Insiders Place Their Bets

In other news, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the transaction, the chief executive officer directly owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This represents a 7.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the transaction, the chief executive officer directly owned 20,609 shares in the company, 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. Corporate insiders own 0.40% of the company’s stock.

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.