Stephens Investment Management Group LLC Purchases 6,672 Shares of Spotify Technology $SPOT

Stephens Investment Management Group LLC lifted its position in Spotify Technology (NYSE:SPOT) by 24.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 33,486 shares of the company’s stock after buying an additional 6,672 shares during the period. Stephens Investment Management Group LLC’s holdings in Spotify Technology were worth $16,238,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in Spotify Technology in the 4th quarter valued at approximately $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings 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 purchasing an additional 1,163,045 shares in the last quarter. Capital World Investors raised its stake in shares of Spotify Technology by 40.7% in the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after purchasing an additional 789,755 shares during the last quarter. Capital Research Global Investors bought a new position in shares of Spotify Technology during the third quarter valued at $512,190,000. Finally, Coatue Management LLC boosted its position in shares of Spotify Technology by 35.9% during the fourth quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock valued at $1,423,251,000 after buying an additional 647,708 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Insider Buying and Selling at Spotify Technology

In other news, 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 transaction of $18,600,327.40. Following the transaction, the director owned 6,383 shares in the company, valued at $3,355,734.59. This trade represents a 84.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Christopher P. Marshall sold 2,650 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the sale, the director directly owned 4,039 shares of the company’s stock, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 85,173 shares of company stock valued at $42,176,049. 0.40% of the stock is owned by corporate insiders.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $485.14 on Monday. The stock’s 50-day simple moving average is $470.66 and its two-hundred day simple moving average is $497.85. The stock has a market capitalization of $99.88 billion, a price-to-earnings ratio of 38.66, a PEG ratio of 1.19 and a beta of 1.56. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $748.30.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating 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 firm had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same quarter in the prior year, the firm earned $1.07 EPS. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, equities analysts forecast that Spotify Technology will post 14.62 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of recent analyst reports. Daiwa Securities Group initiated coverage on Spotify Technology in a research report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 target price for the company. UBS Group reduced their price target on shares of Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a research note on Thursday, April 30th. Morgan Stanley boosted their price objective on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Cantor Fitzgerald raised their target price on shares of Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a report on Tuesday, May 26th. Finally, KeyCorp cut their target price on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research 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. Based on data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and an average price target of $641.83.

Spotify Technology 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.