10,652 Shares in Spotify Technology $SPOT Bought by Marietta Investment Partners LLC

Key Points

• Marietta Investment Partners disclosed a new first-quarter stake in Spotify Technology, buying 10,652 shares worth about $5.17 million.
• Spotify’s latest quarterly results beat expectations, with EPS of $4.04 versus $3.41 expected and revenue of $5.25 billion, up 8.2% year over year.
• Analyst sentiment remains positive overall, with a Moderate Buy consensus and an average price target of $641.83, even as some firms trimmed their targets.

Marietta Investment Partners LLC acquired a new position in Spotify Technology (NYSE:SPOT - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The fund acquired 10,652 shares of the company's stock, valued at approximately $5,165,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its holdings in Spotify Technology by 12.9% in the fourth quarter. Principal Financial Group Inc. now owns 645,196 shares of the company's stock valued at $374,672,000 after buying an additional 73,722 shares during the last quarter. City Holding Co. lifted its holdings in Spotify Technology by 2,515.9% during the 4th quarter. City Holding Co. now owns 5,598 shares of the company's stock worth $3,251,000 after buying an additional 5,384 shares during the last quarter. Robeco Schweiz AG grew its position in shares of Spotify Technology by 37.6% in the 4th quarter. Robeco Schweiz AG now owns 18,544 shares of the company's stock worth $10,769,000 after acquiring an additional 5,071 shares in the last quarter. Robinhood Asset Management LLC acquired a new position in shares of Spotify Technology in the 4th quarter worth approximately $8,233,000. Finally, SBI Okasan Asset Management Co.Ltd. bought a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $1,162,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Daiwa Securities Group assumed coverage on Spotify Technology in a research report on Thursday, March 26th. They set an "outperform" rating and a $535.00 price target on the stock. Pivotal Research decreased their price objective on shares of Spotify Technology from $420.00 to $400.00 and set a "hold" rating for the company in a report on Wednesday, April 29th. UBS Group lowered their target price on shares of Spotify Technology from $760.00 to $735.00 and set a "buy" rating for the company in a research note on Thursday, April 30th. The Goldman Sachs Group dropped their target price 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. Finally, Weiss Ratings downgraded shares of Spotify Technology from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $641.83.

Spotify Technology Price Performance

NYSE:SPOT opened at $485.14 on Monday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30. The firm has a market capitalization of $99.88 billion, a P/E ratio of 38.66, a P/E/G ratio of 1.19 and a beta of 1.56. The business has a 50 day simple moving average of $470.66 and a 200 day simple moving average of $497.85.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period last year, the company earned $1.07 earnings per share. The firm's revenue for the quarter was up 8.2% on a year-over-year basis. Research analysts anticipate that Spotify Technology will post 14.62 EPS for the current fiscal year.

Insider Activity

In other news, Director Christopher P. Marshall sold 2,650 shares of the company's stock in a transaction dated 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 completion of the transaction, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the completion of the sale, the director directly owned 6,383 shares in the company, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 85,173 shares of company stock worth $42,176,049. 0.40% of the stock is owned by insiders.

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.

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