Spotify Technology $SPOT Stock Purchased by Russell Investments Group Ltd.

Russell Investments Group Ltd. raised its stake in shares of Spotify Technology (NYSE:SPOT) by 18.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 337,226 shares of the company’s stock after purchasing an additional 52,516 shares during the period. Russell Investments Group Ltd. owned 0.16% of Spotify Technology worth $164,435,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Cantillon Capital Management LLC bought a new stake in shares of Spotify Technology during the 1st quarter worth $213,047,000. Southpoint Capital Advisors LP acquired a new position in Spotify Technology in the 1st quarter valued at $193,964,000. Tiger Global Management LLC grew its stake in Spotify Technology by 25.3% in the 1st quarter. Tiger Global Management LLC now owns 1,580,761 shares of the company’s stock valued at $766,527,000 after buying an additional 319,300 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Spotify Technology by 20.1% in the 1st quarter. Janus Henderson Group PLC now owns 1,711,015 shares of the company’s stock worth $829,641,000 after acquiring an additional 286,844 shares during the period. Finally, Manning & Napier Advisors LLC bought a new position in Spotify Technology in the 2nd quarter worth $100,867,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Down 1.8%

Shares of Spotify Technology stock opened at $598.29 on Friday. The company’s fifty day simple moving average is $541.90 and its 200-day simple moving average is $502.45. The company has a market cap of $123.18 billion, a price-to-earnings ratio of 39.66, a PEG ratio of 1.90 and a beta of 1.49. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $668.49.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Thursday, October 22nd. The company reported $2.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.37). Spotify Technology had a return on equity of 35.64% and a net margin of 15.74%. The company had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $5.64 billion. During the same period last year, the firm posted $3.28 EPS. The company’s revenue was up 16.3% compared to the same quarter last year. As a group, research analysts forecast that Spotify Technology will post 13.60 earnings per share for the current fiscal 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 Transactions 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 transaction, the chief executive officer owned 19,908 shares in the company, valued at approximately $10,553,828.04. The trade was a 51.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Oppenheimer boosted their target price on shares of Spotify Technology from $550.00 to $650.00 and gave the stock an “outperform” rating in a research report on Friday, October 23rd. Phillip Securities downgraded Spotify Technology from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, October 26th. Stonex Financial lowered Spotify Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 14th. Argus reissued a “buy” rating and set a $600.00 price objective on shares of Spotify Technology in a research report on Thursday, August 13th. Finally, Wall Street Zen downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Twenty-three analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $620.07.

Spotify Technology Company 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.