Spotify Technology $SPOT Stake Increased by Verde Capital Management

Verde Capital Management boosted its stake in Spotify Technology (NYSE:SPOT) by 81.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,312 shares of the company’s stock after acquiring an additional 4,175 shares during the period. Spotify Technology accounts for 1.0% of Verde Capital Management’s portfolio, making the stock its 21st largest position. Verde Capital Management’s holdings in Spotify Technology were worth $4,516,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in SPOT. State Street Corp lifted its position in shares of Spotify Technology by 1.9% during the fourth 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 during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Spotify Technology by 4.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock worth $2,247,042,000 after purchasing an additional 149,479 shares in the last quarter. Capital World Investors increased its holdings in 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 buying an additional 133,108 shares during the last quarter. Fisher Asset Management LLC increased its holdings 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 valued at $1,547,890,000 after buying an additional 62,887 shares during the last quarter. Finally, Coatue Management LLC raised its stake in 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 in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on the company. Weiss Ratings raised Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 4th. Guggenheim lowered their price target on Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Barclays upped their price target on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Citizens Jmp raised their price objective on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research note on Friday, May 22nd. Finally, Daiwa Securities Group assumed coverage on shares of Spotify Technology in a report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $652.16.

Spotify Technology Trading Down 2.0%

NYSE:SPOT opened at $458.74 on Tuesday. The stock has a 50 day moving average of $480.59 and a 200-day moving average of $505.26. The firm has a market capitalization of $94.44 billion, a PE ratio of 36.55, a price-to-earnings-growth ratio of 1.14 and a beta of 1.56. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.41 by $0.63. The business had revenue of $5.25 billion for 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%.The business’s revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the business posted $1.07 EPS. As a group, analysts predict that Spotify Technology will post 14.68 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the completion of the transaction, the director owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. The trade was a 60.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the transaction, the chief executive officer owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This represents a 7.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 111,442 shares of company stock valued at $54,647,508 in the last three months. 0.40% of the stock is owned by corporate insiders.

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.