Spotify Technology $SPOT Shares Bought by Gamco Investors INC. ET AL

Gamco Investors INC. ET AL grew its position in Spotify Technology (NYSE:SPOT) by 14.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,085 shares of the company’s stock after acquiring an additional 1,015 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Spotify Technology were worth $3,920,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the company. Norges Bank bought a new stake in Spotify Technology during the fourth quarter valued at $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Spotify Technology by 1,382.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company’s stock worth $724,251,000 after buying an additional 1,163,045 shares during the last quarter. Coatue Management LLC lifted its position in shares of Spotify Technology by 35.9% in the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after buying an additional 647,708 shares during the last quarter. National Pension Service acquired a new position in shares of Spotify Technology in the 4th quarter valued at about $316,278,000. Finally, Swedbank AB boosted its holdings in shares of Spotify Technology by 37.9% in the 4th quarter. Swedbank AB now owns 1,616,321 shares of the company’s stock valued at $938,614,000 after buying an additional 444,162 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SPOT. JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Wells Fargo & Company cut their target price on shares of Spotify Technology from $600.00 to $570.00 and set an “overweight” rating on the stock in a report on Thursday, July 9th. Guggenheim decreased their target price on Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Wall Street Zen lowered Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Canaccord Genuity Group dropped their price target on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $630.70.

Insider Buying and Selling

In other news, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology 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 sale, the director owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. The trade was a 60.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the director owned 6,383 shares in the company, valued at approximately $3,355,734.59. This represents a 84.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 111,442 shares of company stock valued at $54,757,553 in the last ninety days. Insiders own 0.40% of the company’s stock.

Spotify Technology Stock Up 2.6%

SPOT stock opened at $495.05 on Tuesday. The stock has a market cap of $101.92 billion, a PE ratio of 39.45, a price-to-earnings-growth ratio of 1.19 and a beta of 1.56. The firm’s 50-day simple moving average is $482.63 and its 200 day simple moving average is $487.08. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $748.30.

Spotify Technology (NYSE:SPOT) last posted 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 firm had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same period in the previous year, the business posted $1.07 EPS. Spotify Technology’s revenue was up 8.2% on a year-over-year basis. Equities analysts forecast that Spotify Technology will post 14.51 EPS for the current fiscal 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.