Rockefeller Capital Management L.P. Acquires 22,348 Shares of Spotify Technology $SPOT

Rockefeller Capital Management L.P. grew its holdings in Spotify Technology (NYSE:SPOT) by 34.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 87,319 shares of the company’s stock after buying an additional 22,348 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Spotify Technology were worth $50,707,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Osbon Capital Management LLC acquired a new position in Spotify Technology during the 4th quarter worth about $35,000. World Investment Advisors raised its stake in shares of Spotify Technology by 59.3% in the fourth quarter. World Investment Advisors now owns 3,128 shares of the company’s stock worth $1,816,000 after acquiring an additional 1,165 shares during the last quarter. Meadowbrook Advisors Group LLC bought a new position in shares of Spotify Technology in the fourth quarter worth about $388,000. Hsbc Holdings PLC lifted its position in shares of Spotify Technology by 16.6% during the fourth quarter. Hsbc Holdings PLC now owns 54,566 shares of the company’s stock worth $31,613,000 after purchasing an additional 7,759 shares in the last quarter. Finally, Sentinel Dome Partners LLC acquired a new position in shares of Spotify Technology during the fourth quarter worth approximately $3,136,000. 84.09% of the stock is owned by institutional investors.

Insider Buying and Selling at Spotify Technology

In related news, Director Thomas O. Staggs sold 5,477 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total value of $2,880,902.00. Following the completion of the sale, the director owned 3,619 shares in the company, valued at approximately $1,903,594. This represents a 60.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction dated 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 directly owned 6,383 shares in the company, valued at $3,355,734.59. The trade was a 84.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 111,442 shares of company stock valued at $54,647,508 over the last quarter. 0.40% of the stock is owned by corporate insiders.

Spotify Technology Price Performance

SPOT opened at $468.74 on Friday. The firm has a 50 day simple moving average of $481.13 and a 200 day simple moving average of $506.59. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The company has a market cap of $96.50 billion, a price-to-earnings ratio of 37.35, a price-to-earnings-growth ratio of 1.14 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. The firm had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The business’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.07 EPS. As a group, analysts expect that Spotify Technology will post 14.68 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SPOT. Wall Street Zen lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. Morgan Stanley upped their price objective on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Arete Research upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective on the stock in a research report on Thursday, February 26th. Daiwa Securities Group started coverage on Spotify Technology in a research note on Thursday, March 26th. They issued an “outperform” rating and a $535.00 target price for the company. Finally, Citizens Jmp boosted their target price on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research report on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $652.16.

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.