Spotify Technology $SPOT Stock Acquired by Knights of Columbus Asset Advisors LLC

Knights of Columbus Asset Advisors LLC boosted its holdings in Spotify Technology (NYSE:SPOT) by 110.0% in the third quarter, HoldingsChannel reports. The firm owned 1,961 shares of the company’s stock after purchasing an additional 1,027 shares during the period. Knights of Columbus Asset Advisors LLC’s holdings in Spotify Technology were worth $956,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Montanova Capital LLC lifted its position in shares of Spotify Technology by 9,154.5% during the 2nd quarter. Montanova Capital LLC now owns 101,800 shares of the company’s stock valued at $46,739,000 after acquiring an additional 100,700 shares during the period. Manning & Napier Advisors LLC bought a new position in Spotify Technology during the second quarter worth $100,867,000. Plato Investment Management Ltd bought a new position in Spotify Technology during the second quarter worth $1,363,000. Ally Financial Inc. boosted its stake in Spotify Technology by 100.0% during the second quarter. Ally Financial Inc. now owns 7,000 shares of the company’s stock worth $3,214,000 after acquiring an additional 3,500 shares in the last quarter. Finally, HS Management Partners LLC acquired a new stake in Spotify Technology in the second quarter worth $13,404,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Down 1.8%

Shares of SPOT opened at $598.29 on Friday. The business’s fifty day moving average is $541.90 and its 200 day moving average is $502.45. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $668.49. The stock has a market cap of $123.18 billion, a P/E ratio of 39.66, a P/E/G ratio of 1.90 and a beta of 1.49.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Thursday, October 22nd. The company reported $2.81 EPS for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.37). Spotify Technology had a net margin of 15.74% and a return on equity of 35.64%. The business had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $5.64 billion. During the same quarter last year, the firm posted $3.28 EPS. The business’s revenue for the quarter was up 16.3% compared to the same quarter last year. On average, analysts expect that Spotify Technology will post 13.60 EPS for the current year.

Spotify Technology News Summary

Here’s some of the latest news about SPOT:

• Positive Sentiment: Spotify launched audiobooks in India, including Hindi and regional-language titles, with a plan priced at ₹199 per month for 15 hours of listening. The move broadens its offerings and could help attract subscribers and deepen engagement in a large market. Article
• Positive Sentiment: A Baron Capital fund disclosed initiating a position in Spotify, a modest endorsement from an institutional investor, though the report does not indicate the size or timing of the holding. Article
• Neutral Sentiment: Zacks coverage noted increased investor attention to SPOT but did not identify a new company development or specific change to its outlook. Article

Insider Activity at Spotify Technology

In other news, CEO Gustav Söderström sold 20,910 shares of the business’s stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $530.13, for a total transaction of $11,085,018.30. Following the completion of the sale, the chief executive officer directly owned 19,908 shares of the company’s stock, valued at $10,553,828.04. The trade was a 51.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SPOT. Citizens Jmp reaffirmed a “market outperform” rating and issued a $625.00 price target on shares of Spotify Technology in a research note on Friday, October 23rd. Barclays upped their price objective on shares of Spotify Technology from $565.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, October 23rd. Oppenheimer raised their target price on Spotify Technology from $550.00 to $650.00 and gave the company an “outperform” rating in a research note on Friday, October 23rd. Argus reaffirmed a “buy” rating and issued a $600.00 target price on shares of Spotify Technology in a research report on Thursday, August 13th. Finally, Stonex Financial downgraded Spotify Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 14th. Twenty-three research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $620.07.

Spotify Technology Profile

Spotify Technology operates a digital audio streaming platform offering music, podcasts and audiobooks. Listeners can use the service through a free, advertising-supported option or paid subscriptions, with features for discovering, organizing and sharing audio content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008. The company serves listeners and creators in markets around the world and provides tools and services for artists, podcasters, authors and other content partners.