Pictet Asset Management Holding SA Has $256.73 Million Position in Spotify Technology $SPOT

Pictet Asset Management Holding SA increased its position in shares of Spotify Technology (NYSE:SPOT) by 17.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 529,617 shares of the company’s stock after buying an additional 79,626 shares during the quarter. Pictet Asset Management Holding SA owned 0.26% of Spotify Technology worth $256,734,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp grew its holdings in shares of Spotify Technology by 1.9% during the 4th quarter. State Street Corp now owns 4,712,249 shares of the company’s stock worth $2,736,450,000 after purchasing an additional 89,951 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Spotify Technology by 4.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock valued at $2,247,042,000 after purchasing an additional 149,479 shares during the period. Capital World Investors raised its stake in shares of Spotify Technology by 4.9% in the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock valued at $1,663,024,000 after purchasing an additional 133,108 shares in the last quarter. Fisher Asset Management LLC lifted its position in Spotify Technology by 2.4% in the fourth quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock worth $1,547,890,000 after purchasing an additional 62,887 shares during the period. Finally, Coatue Management LLC lifted its position in Spotify Technology by 35.9% in the fourth quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after purchasing an additional 647,708 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Up 4.4%

NYSE:SPOT opened at $460.74 on Friday. The firm has a market cap of $94.86 billion, a PE ratio of 36.71, a price-to-earnings-growth ratio of 1.12 and a beta of 1.56. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The company’s 50-day moving average price is $476.44 and its two-hundred day moving average price is $502.64.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data 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. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same quarter last year, the business posted $1.07 earnings per share. The company’s revenue was up 8.2% on a year-over-year basis. On average, research analysts expect that Spotify Technology will post 14.68 EPS for the current fiscal year.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $496.52, for a total value of $10,344,001.16. Following the completion of the transaction, the chief executive officer owned 20,376 shares in the company, valued at approximately $10,117,091.52. The trade was a 50.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction 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 transaction, the director owned 6,383 shares of the company’s stock, valued at approximately $3,355,734.59. The trade was a 84.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 111,442 shares of company stock worth $54,647,508 over the last 90 days. Company insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on SPOT. Weiss Ratings lowered shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday. Daiwa Securities Group initiated coverage on shares of Spotify Technology in a research note on Thursday, March 26th. They issued an “outperform” rating and a $535.00 target price on the stock. Wall Street Zen downgraded Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. Canaccord Genuity Group lowered their price objective on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Finally, Benchmark dropped their target price on Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average target price of $641.83.

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.