Elevation Point Wealth Partners LLC Boosts Holdings in Spotify Technology $SPOT

Elevation Point Wealth Partners LLC raised its position in Spotify Technology (NYSE:SPOT) by 658.4% in the 1st quarter, Holdings Channel.com reports. The fund owned 15,897 shares of the company’s stock after acquiring an additional 13,801 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Spotify Technology were worth $7,709,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. State Street Corp lifted its holdings in shares of Spotify Technology by 1.9% during the 4th quarter. State Street Corp now owns 4,712,249 shares of the company’s stock valued at $2,736,450,000 after purchasing an additional 89,951 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Spotify Technology by 4.0% in the 4th 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 grew its stake in Spotify Technology by 4.9% during the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock worth $1,663,024,000 after buying an additional 133,108 shares during the last quarter. Fisher Asset Management LLC increased its position in Spotify Technology by 2.4% during the 4th 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 in the last quarter. Finally, Coatue Management LLC increased its position in Spotify Technology by 35.9% during the 4th 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 owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Citizens Jmp increased their price target on Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research note on Friday, May 22nd. Benchmark dropped their price target on Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. The Goldman Sachs Group cut their price objective on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Weiss Ratings lowered shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Finally, Wells Fargo & Company lifted their target price on shares of Spotify Technology from $580.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $641.83.

Insider Transactions at Spotify Technology

In other Spotify Technology news, 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 transaction, the director directly owned 6,383 shares of the company’s stock, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 transaction of $1,377,629.00. Following the sale, the director 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 85,173 shares of company stock worth $42,176,049 in the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT stock opened at $485.14 on Friday. The business has a fifty day moving average of $471.41 and a 200 day moving average of $498.50. The firm has a market capitalization of $99.88 billion, a price-to-earnings ratio of 38.66, a price-to-earnings-growth ratio of 1.16 and a beta of 1.56. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30.

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, beating analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period in the prior year, the company earned $1.07 earnings per share. The company’s revenue was up 8.2% on a year-over-year basis. As a group, equities research analysts expect that Spotify Technology will post 14.62 earnings per share for the current year.

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.