Calamos Wealth Management LLC Acquires New Shares in Spotify Technology $SPOT

Calamos Wealth Management LLC acquired a new position in shares of Spotify Technology (NYSE:SPOT) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 15,559 shares of the company’s stock, valued at approximately $7,545,000.

Other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. increased its holdings in Spotify Technology by 12.9% during the 4th quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock valued at $374,672,000 after acquiring an additional 73,722 shares in the last quarter. City Holding Co. lifted its holdings 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 purchasing an additional 5,384 shares in the last quarter. Robeco Schweiz AG lifted its holdings 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 purchasing an additional 5,071 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. purchased a new stake in shares of Spotify Technology in the fourth quarter valued at about $1,162,000. Finally, Robinhood Asset Management LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $8,233,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SPOT has been the subject of a number of recent research reports. Weiss Ratings cut shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Canaccord Genuity Group reduced their target price 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. Pivotal Research lowered their target price on Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a report on Wednesday, April 29th. Rosenblatt Securities dropped their price target on Spotify Technology from $534.00 to $531.00 and set a “neutral” rating for the company in a research report on Thursday, July 9th. Finally, Citizens Jmp raised their price target 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, nineteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $638.58.

Insider Transactions at Spotify Technology

In other Spotify Technology news, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total value of $1,377,629.00. Following the completion of 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the business’s 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 $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 111,442 shares of company stock worth $54,757,553 in the last three months. 0.40% of the stock is currently owned by company insiders.

Spotify Technology Price Performance

Spotify Technology stock opened at $480.14 on Tuesday. The stock has a market capitalization of $98.85 billion, a P/E ratio of 38.26, a P/E/G ratio of 1.18 and a beta of 1.56. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30. The firm’s 50-day moving average is $471.78 and its two-hundred day moving average is $494.04.

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, beating analysts’ consensus estimates of $3.41 by $0.63. The business 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 company’s revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.07 earnings per share. As a group, analysts forecast that Spotify Technology will post 14.62 EPS for the current year.

About Spotify Technology

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.