Spotify Technology $SPOT Stock: Vise Technologies Inc. Grows Stake

Vise Technologies Inc. boosted its position in Spotify Technology (NYSE:SPOT) by 64.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,388 shares of the company’s stock after buying an additional 940 shares during the quarter. Vise Technologies Inc.’s holdings in Spotify Technology were worth $1,164,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of SPOT. MGO One Seven LLC raised its stake in shares of Spotify Technology by 63.0% during the third quarter. MGO One Seven LLC now owns 1,695 shares of the company’s stock worth $826,000 after acquiring an additional 655 shares in the last quarter. Kurv Investment Management LLC lifted its holdings in shares of Spotify Technology by 8.9% in the 3rd quarter. Kurv Investment Management LLC now owns 5,093 shares of the company’s stock worth $2,482,000 after acquiring an additional 418 shares during the last quarter. State of Wyoming boosted its stake in shares of Spotify Technology by 49.2% in the 3rd quarter. State of Wyoming now owns 1,963 shares of the company’s stock valued at $957,000 after purchasing an additional 647 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of Spotify Technology by 1,632.5% in the 3rd quarter. International Assets Investment Management LLC now owns 16,545 shares of the company’s stock valued at $8,064,000 after purchasing an additional 15,590 shares in the last quarter. Finally, Choreo LLC boosted its stake in shares of Spotify Technology by 19.8% in the 3rd quarter. Choreo LLC now owns 10,218 shares of the company’s stock valued at $4,980,000 after purchasing an additional 1,689 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SPOT shares. UBS Group decreased their target price on shares of Spotify Technology from $690.00 to $675.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Phillip Securities downgraded shares of Spotify Technology from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, October 26th. Rosenblatt Securities restated a “neutral” rating and set a $527.00 price target on shares of Spotify Technology in a research report on Tuesday, October 20th. Argus reaffirmed a “buy” rating and set a $600.00 price objective on shares of Spotify Technology in a research note on Thursday, August 13th. Finally, Weiss Ratings raised Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, August 26th. Twenty-three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $620.07.

Spotify Technology Stock Performance

NYSE:SPOT opened at $602.71 on Friday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $668.49. The firm has a market cap of $124.09 billion, a PE ratio of 39.96, a price-to-earnings-growth ratio of 1.87 and a beta of 1.49. The business has a 50 day moving average price of $537.42 and a 200-day moving average price of $500.48.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Thursday, October 22nd. The company reported $2.81 EPS for the quarter, missing the consensus estimate of $3.18 by ($0.37). Spotify Technology had a return on equity of 35.64% and a net margin of 15.74%. The firm had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.64 billion. During the same period in the previous year, the firm earned $3.28 earnings per share. The firm’s quarterly revenue was up 16.3% compared to the same quarter last year. Research analysts predict that Spotify Technology will post 13.66 EPS for the current year.

Insiders Place Their Bets

In other Spotify Technology news, CEO Gustav Söderström sold 20,910 shares of the stock in a transaction on Monday, October 12th. The shares were sold at an average price of $530.13, for a total transaction of $11,085,018.30. Following the completion of the sale, the chief executive officer owned 19,908 shares of the company’s stock, valued at $10,553,828.04. This represents a 51.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.40% of the stock is owned by insiders.

Spotify Technology Profile

Spotify Technology operates a digital audio streaming platform offering music, podcasts and audiobooks. Listeners can use the service through a free, advertising-supported option or paid subscriptions, with features for discovering, organizing and sharing audio content.

Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008. The company serves listeners and creators in markets around the world and provides tools and services for artists, podcasters, authors and other content partners.

Spotify is headquartered in Luxembourg, with major operations in Sweden and other countries.