Fjarde AP Fonden Fourth Swedish National Pension Fund Purchases New Position in Spotify Technology $SPOT

Fjarde AP Fonden Fourth Swedish National Pension Fund purchased a new stake in Spotify Technology (NYSE:SPOT) during the 1st quarter, HoldingsChannel.com reports. The fund purchased 185,000 shares of the company’s stock, valued at approximately $89,708,000.

Several other hedge funds have also recently bought and sold shares of the stock. Principal Financial Group Inc. increased its position in Spotify Technology by 12.9% during the 4th quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock worth $374,672,000 after buying an additional 73,722 shares during the period. City Holding Co. boosted its position in shares of Spotify Technology by 2,515.9% in the fourth quarter. City Holding Co. now owns 5,598 shares of the company’s stock valued at $3,251,000 after acquiring an additional 5,384 shares during the period. ARK Investment Management LLC grew its stake in shares of Spotify Technology by 8.2% in the third quarter. ARK Investment Management LLC now owns 80,285 shares of the company’s stock valued at $56,039,000 after acquiring an additional 6,100 shares in the last quarter. Robeco Schweiz AG grew its stake in shares of Spotify Technology by 37.6% in the fourth quarter. Robeco Schweiz AG now owns 18,544 shares of the company’s stock valued at $10,769,000 after acquiring an additional 5,071 shares in the last quarter. Finally, Robinhood Asset Management LLC bought a new position in Spotify Technology during the fourth quarter worth about $8,233,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total value of $8,973,189.76. Following the completion of the transaction, the chief executive officer owned 20,492 shares of the company’s stock, valued at approximately $8,826,314.24. This represents a 50.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 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 transaction 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. The trade was a 84.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 85,173 shares of company stock worth $42,176,049 in the last ninety days. Insiders own 0.40% of the company’s stock.

Spotify Technology Stock Performance

Shares of SPOT opened at $485.14 on Friday. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $748.30. The firm has a market cap of $99.88 billion, a price-to-earnings ratio of 38.66, a PEG ratio of 1.16 and a beta of 1.56. The business’s fifty day moving average is $471.41 and its 200-day moving average is $498.50.

Spotify Technology (NYSE:SPOT) last announced 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. The business had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.Spotify Technology’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.07 EPS. As a group, research analysts forecast that Spotify Technology will post 14.62 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Rosenblatt Securities lifted their price objective on shares of Spotify Technology from $500.00 to $534.00 and gave the stock a “neutral” rating in a research note on Friday, May 22nd. Barclays raised their target price on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Weiss Ratings downgraded shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. UBS Group cut their price target on Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a research note on Thursday, April 30th. Finally, KeyCorp reduced their price target on Spotify Technology from $745.00 to $680.00 and set an “overweight” 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, nineteen have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company 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.